Investment PropertyCentrale Point, Park Road, Killarney, Co. KerryFor Sale by Private Treaty
Superb opportunity to acquire an established modern neighborhood centre in a prime location on the periphery of the premier tourist town of Killarney.
The development extends to approximately 1,802 sq m (19,397 sq ft) offering a combination of retail, offices, and residential accommodation.
Nine retail units, three office units and seven apartments over three floors with basement and surface car parking.
100% occupied - Current Income profile of €229,602 per annum (ex VAT).
Guide Price €2,700,000 reflecting a Net Initial Yield of 8.14%
Opportunity to increase rental return through active asset management – Reversionary Yield 11%
For Sale by Private Treaty (Tenants Not Affected)
KILLARNEY IS A VIBRANT AND PICTURESQUE HERITAGE TOWN LOCATED ON THE RING OF KERRY IN THE SOUTH WEST OF IRELAND APPROX. 85KM NORTH OF CORK CITY. TOURISM IS THE LARGEST INDUSTRY IN KILLARNEY AND, WITH THE EXCEPTION OF DUBLIN, THERE ARE MORE HOTEL BEDS IN KILLARNEY THAN IN ANY OTHER IRISH TOWN OR CITY.
Killarney is situated adjacent to Lough Leane in the centre of County Kerry on the N22 approximately 33 kilometre’s from Tralee, 15.5 kilometres from Farranfore Regional Airport and 87 kilometres from Cork City. The town traditionally functioned as a market/service centre and as a tourist destination.
Killarney is, according to the online travel website Tripadvisor, Ireland’s most popular travel destination for 2015, placing it 23rd in Europe. The town benefits from being located on the main Dublin/Tralee rail line, which provides 9 services per day and a 3-hour journey time to Dublin. Kerry Airport at Farranfore, approximately 15 km away, provides flights to Dublin, Frankfurt Hahn and London Stansted.
Killarney is an important district centre servicing a large surrounding hinterland in the south east of Kerry. Major employers in the Town include Leibherr Cranes and part ofthe Department of Sports, Culture and Tourism.
The subject property is located on the periphery of Killarney Town Centre situated on the corner of Park Road and Arbutus Road, one of the main thoroughfares to and from the Town Centre.
This area of the town has arguably been recognised as the new commercial/ retail hub of Killarney Town with the development of Deerpark Retail Park, Killarney Outlet Centre, Tesco and Aldi. The ease of access has rivalled Killarney Town Centre as the main destination shopping location.
CENTRAL POINT NEIGHBORHOOD CENTRE COMPRISES A MODERN PURPOSE BUILT DEVELOPMENT WHICH COMPRISING A COMBINATION OF RETAIL, OFFICES AND RESIDENTIAL ACCOMMODATION WHICH WAS DEVELOPED OVER TWO BLOCKS.
Block 1 comprises four no. two bed apartments and five retail units
Block 2 comprises three no. two bed apartments, four retail units, and four office units.
The ground floor commercial units have the benefit of own door access, whilst the upper floors are accessed via a stairwell and lift from street level with a minimum level of common area to be maintained.
The combined floor area extends to approximately 1,802 sq m (19,397 sq ft)
The site is well laid out and commercial units have good profile and access onto the Arbutus Road. There is vehicular access of both Arbutus Road and Pinewood Estate.
Car Parking / Site AreaThe property is located on a site extending to approximately 0.3 hectares (0.73 acres)
Parking for the development is located around the front and rear of Block 1 with further spaces available at basement level accessed to the rear of the development.Total Car Parking –71 Spaces – 29 basement / 42
Tenancy InformationTenancy Page
The development is 100% occupiedIncome SplitCommercial 77%Residential 23%
Please contact the agent for full tenancy information.