Royal Liver Retail Park is sold off for €25 million

Royal Liver Retail Park is sold off for €25 million

By Maurice Garvey

THE Royal Liver Retail Park on Naas Road/Kylemore Road, has been sold for approximately €25m to Allied Real Estate Group.

The retail park – Ireland’s first – opened in 1990 and was previously owned by Meath developer Willie Smyth, who bought it for €60m in 2005.

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The Royal Liver Retail Park on the Naas Road/Kylemore Road

Smyth’s loans transferred to NAMA and were subsequently bought by Deutsche Bank.

Allied is headed by experienced property investors Adrian Langan and Cathal McGinley.

Cardinal Group, an alternative real estate lender, backed Allied in the off-market deal.

Tenants at the park include Homebase, Harry Corry, Carpetright, Euro Giant, Bargaintown and Furniture District.

Located beside the Luas red line in Kylemore, the retail park has 500 customer car-parking spaces.

The new owner plans to explore asset management opportunities to increase the value of the retail park.

Smyth applied for a radical redevelopment of the Royal Liver retail park in 2009, in a mixed-use scheme that included six blocks ranging from eight to 26 storeys.

The plan was rejected by An Bord Pleanála.