Large retail investment for sale in Killarney

A sizeable retail investment in one of Killarney town’s most central modern developments, the Courtyard, has come for sale on behalf of three private investors, offering a c 12% return to a new owner.

The offer, hoping to find new investors who’ll pick it up before the end of year’s expiry of valuable Capital Gains Tax exemptions if held for seven years, is made up of 11 retail units in the Courtyard, close to Killarney’s train station, the discount centre and the recently sold Malton Hotel.

The mixed-use development, over five levels on a 0.8 acre site acquired over a decade ago for €3.75m, was designed by Campbell O’Sullivan architects with overhead apartments, and has 20,000 sq ft of retail space in eleven units.

Three units currently are vacant, and the rent-roll of €201,000 would be boosted when these are also let, say agents Rob Coughlan and Brian Olden of Cohalan Downing in Cork.

“I’ve been involved in this scheme since it came out of the ground day-one, done to a very high design standard. It’s just two minutes from the train station and a real asset to the town,” comments Mr Olden.

The agents Cohalan Downing give a €1.65 million price guide for the 11 self-contained units, in an L-shaped street-scape linking Fairhill and Lewis Road.

Among the three un-let units are a fully-fitted Chinese restaurant and a medical suite.

Tenants include Specsavers, Munster Outdoor Sports, a Gala shop, Sean Taaffe Hair and Beauty and Dominos Pizza, all at profile location in one of Killarney’s busiest access points.

Units range from 1,400 to 3,100 sq ft, on a variety of leases and the majority of the tenants are in-situ since the initial letting of the development in 2006.

Details: Cohalan Downing: 021-4271371