Wed, 05 Oct 2011 | BUSINESS SALE
The stalled Opera Centre development on Patrick Street in Limerick, Ireland, has been put up for sale for the second time.
The commercial site – which was tipped to become ‘Limerick’s shopping mecca,’ and comprises more than 40 properties - was initially sold for €110 million five years ago by Belfast developer Suneil Sharma.
In 2008, the Opera Centre, which was meant to become an enormous shopping complex, was valued at €92.2 million, however its value has now fallen to just €12.5 million.
The developers, Jerry O’Reilly, Terry Sweeney and David Courtney from Regeneration Developments, have now ordered the sale of the 3.2 acre development, which comes complete with planning permission for a multi-storey shopping centre with 414,855 square feet of retail space.
The site, which also includes approval for a large underground carpark, is to be marketed through commercial estate agents Savills.
Meanwhile, the original developer Suneil Sharma has now moved his interests onto another stalled commercial development, the former Parkway Valley site located on the Dublin Road. An extension on the planning permission is now expected to be granted for the 426,792 square foot retail complex.
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