Business park nets €3.5m at Kinsale Road Roundabout

JUST sold for year’s end, after 40 inquiries and a competitive tender process for a receiver, is the Kinsale Road Business Park in Cork - by the city’s busiest traffic junction, the Kinsale Road Roundabout, passed by 85,000 cars a day.

Agent Margaret Kelleher of Lisney confirmed the sale of the high-yielding asset on 4.5 acres, for just over €3.5 million, to Bennett Property Limited, based in Dublin and Mullingar: it’s understood they acted for a undisclosed indigenous pension fund.

The mixed-use investment produces just over €400,000 pa, and is c 92% occupied and so shows a yield of c 11% for its new owners. It went to market in August of this year, guided at €3.5m and at its proferred net initial yield of 11.5% attracted considerable interest - despite being of a size outside the remit of many private pension investors.