IT WILL be business as usual for tenants of a prominent Limerick City shopping centre after the property came up for sale in late March.
Arthur’s Quay Shopping Centre was put on the market for sale on March 29 with a guide price of €15million.
The mixed-use development was built in 1989 by Tiernan Properties and comprises retail, office, and residential accommodation, as well as a 570 space car park.
Now, the Limerick Post can confirm that the sale of the building will not affect the current retail, office, or residential tenants, as the property is being sold as a going concern.
In a statement issued to the Limerick Post, Michael Tiernan, Director of Tiernan Properties and co-founder of Arthur’s Quay, said that the existing tenants will not be affected by the sale.
“Our decision to dispose of our interests in Arthur’s Quay will not adversely affect any tenants, residents, or retailers, as they all have agreements which will continue, i.e. it will be business as usual,” the Clare native said.
“I am happy to confirm that all tenants/retailers in Arthur’s Quay were informed before there was any media coverage,” he added.
The decision to place the property on the market for sale was taken due to Mr Tiernan’s wish to retire and “hand over the baton” to enable significant new development in the area.
According to Mr Tiernan, the Arthur’s Quay area forms part of Limerick City and County Council’s proposed redevelopment of the city, including the enhanced public realm works on O’Connell Street, the opera Quarter, and the creation of a world-class waterfront opposite the shopping centre, which received funding totalling €115 million from the Urban Regeneration and Development Funding (URDF) in 2021.
Limerick City and County Council said in a statement to the Limerick Post that they will engage with all property owners in the area, including prospective new owners of the Arthur’s Quay Shopping Centre.
“The Council note that the Arthur’s Quay Centre has been placed for sale by the current owners and we look forward to the next phase of investment in this strategic Limerick City Centre property,” the statement said
“Limerick City and County Council are currently engaged in preparing a new Framework Plan for the wider Arthur’s Quay area and will be engaging with all property owners in the wider Arthur’s Quay area.
“We look forward to working with the current owners or/and new investors in the Arthur’s Quay Centre to deliver this Framework that will set out an overall integrated approach for the development of the wider Arthur’s Quay area.’’
The Council did not comment on an interest in purchasing the riverside shopping centre.
