Ireland
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End of Limerick car park lease set to generate more than €2m for council

LIMERICK City and County Council looks set to earn more than €2m by selling a financial interest it has in a city centre car park.

At November’s council meeting, members are expected to approve the sale of a part of the car park in Arthur’s Quay Shopping Centre for some €2.1m.

It’s expected this will pave the way for the sale of the shopping centre, which was put on the market by its owners earlier this year.

Metropolitan councillors took note of the proposed deal at their monthly meeting, and it’s expected the sale will be rubber-stamped in two months.

When Arthur’s Quay Shopping Centre was built in the late 1980s, Tiernan Properties, its owners, and the council, then known as Limerick Corporation, agreed a deal which saw the local authority take over part of the property to help get it across the line.

As part of this, the two parties entered into a 21-year lease for part of the car park, something that has since extended.

The Corporation was granted an option to take on a 700-year long lease of the car park for IE£3.5m.

It’s an option which was never exercised.

Now the council and the property owners are looking to end this agreement.

Council head of property management Jayne Leahy said talks took place as the existence of this option for council to lease the area could impact on any future investment at the complex.

She also warned councillors that capital works might need to be undertaken in relation to the car park, something, which she said, could leave the council financially exposed into the future.

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