A business park by one of Cork city’s busiest traffic nodes, the Kinsale Road Roundabout, which features up to 85,000 cars passing daily is for sale.
The Kinsale Road Business Park, which is largely let, has a current rental income of €420,000 and carries a €3.5 million price guide via Margaret Kelleher of Lisney: it represents a c 11.5% net initial yield to investors.
The complex on 4.5 acres just west of the South City Ring Road and adjacent to the bustling ‘magic roundabout’, is being sold for joint receivers David Swinburne and Eamonn Richardson, KPMG, and was redeveloped by Tober Investments, with a number of new buildings erected within the past decade.
Most likely to be of interest to a consortia of buyers or better-heeled investors, (the €3.5m price is too rich for most private pension investors), the sale is described as a high-yielding investment, with over 80,000 sq ft of buildings of various constructions and vintages; several have a high profile to the Kinsale Road opposite Harvey Normans, or to the south city link road.
Among the larger occupants is Keohane Seafoods, with three units in all, and making up over €80,000 pa of the overall rental income. Also in situ in this mix of commercial and showroom units are Enterprise Rent a Car, 023 Tiles, McDonald Oil Supplies, and Motorway Parts Accessories Ltd, plus JC Decaux. Several recent deals have been agreed; current occupancy is 92%.
The area’s profile some 2.5 km south of the city centre is commercial in nature, say Lisney, comprising a mix of warehouse and distribution depots, fuel supplies, and retail warehouse users with Musgraves/SuperValu HQ in two locations (Tramore Road and Ballycurreen). The business park has direct frontage (but not access) to the south link road “which acts as the main traffic corridor between the city centre, the airport and southern hinterland,” note Lisney.
Buildings are a mix of constructions and the site was zoned ‘primarily commercial’ in the 2009 Cork County Development Plan.
Details: Lisney 021-4275079