New investor sought for prominent Limerick shopping centre

MANAGEMENT at a landmark Limerick shopping centre have announced a new buyer is being sought for the premises.

Arthur's Quay Shopping Centre was developed by Michael Tiernan and opened by the then Taoiseach Charles Haughey in 1989.

Now, Tiernan Properties has announced that Mr Tiernan, below, is to retire.

In a statement, the company said: "Following much thought and deliberation over the past few months, Michael has come to the decision that it is time for him to retire and hand over the baton to enable significant new investment in Limerick City Centre to be realised. With this in mind, Tiernan Properties has decided to go to the market with a view to seeking a new purchaser/investor for Arthur's Quay Shopping Centre."

The anchor tenant is Tesco with a number of other well-known high-street brands including Gloria Jean's coffee and Regatta and Jump Juices located in the facility.

The statement from Tiernan adds: "Limerick City and County Council is currently spearheading a new Framework Strategy for the Arthur's Quay Area and the time is now right for new energy and investment to be attracted to realise these ambitious plans."

These plans include the redevelopment of Arthur's Quay for which regeneration funding of €115m has been awarded.

The statement also acknowledges the support that Michael Tiernan has received over the decades.