A prime development site in Killarney, Co Kerry is on the market for €3m, nine years after it changed hands for nearly €8m.
The former Torc Great Southern Hotel property has full planning permission for a landmark shopping centre on a 6.5-acre site adjacent to the railway station and Bus Éireann terminus.
The planning status, granted by Killarney Town Council will not expire until 2017. It provides for eight commercial units including a 6,356 sq m anchor store, a restaurant and more than 500 spaces for car parking at basement level.
The site, just 1km from the town centre, was acquired in 2003 by the Robert Butler Group, the Limerick-based commercial development specialists who paid Aer Rianta a reported €7.7m for the property.
Construction work failed to commence as planned in 2007 but a decision has now been taken to sell on the site at a cut-price €3m with GVA Donal O’Buachalla and Killarney auctioneer John Buckley handling the sale.
The property is located at Park Road, overlooking the railway station and adjacent to the Killarney Outlet Centre and McDonald’s.
The site is located on the main Cork-Killarney route with immediate access to main roads to both Tralee and Limerick.
The town centre zoning facilitates several options, including the development of health clinics or nursing homes, cinemas, financial services, workshops or light industry.
The former 100-bedroom Torc Great Southern Hotel, which stood on the site for several decades, has been demolished.
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