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.
The considerable interest was both local and national with some international parties, and in the end less than ten bidders made the final round, with Bennett Property Limited (associated with Bennett Construction with international as well as Irish projects in train) coming out tops.
Future improvement work is planned by the new owners at the business park to upgrade the facility and its surroundings, to attract and secure new high profile occupiers as well for the remaining space as well as ensuring ongoing success of the current tenants and occupiers, said Lisney’s Ms Kelleher.
At present occupiers at the mixed-use premises include Keohane Seafoods with three units paying €80,000 pa, Enterprise Rent a Car, Cash and Carry Fireplaces and Motorway Car Accessories.
Just west of the South City Ring Road and adjacent to the bustling ‘magic roundabout’, it had been redeveloped by Tober Investments who added several new buildings in the past decade to total about 80,000 sq ft of food and services units.
The Kinsale Road Business Park was sold for joint receivers David Swinburne and Eamonn Richardson of KPMG. The commercial park, near Harvey Norman’s, Smyths toystore, Woodies and Musgraves/SuperValu’s two key Cork bases is 2.5 km south of the city centre, just off the Kinsale Road Roundabout and fronts the city link road, with access from the old Kinsale Road.