Kerry shops sell for €2.3m

A local has emerged as the €2.3m-plus buyer of a Killarney town-centre, modern, retail-based investment property called The Courtyard.

Kerry shops sell for €2.3m

Set by the Malton Hotel and rail station, in the heart of the Kerry tourist capital, The Courtyard is a purpose-built development of 11 ground-floor retail units.

It was offered in 2015 with a rental income of €190,000.

It forms part of a larger, mixed-use development of apartments and offices, over five levels on a 0.8-acre site by Fairhill and Lewis Road and was built 10 years ago, by Oyster Developments.

The property was earning €190,000 and had an original price of €1.65m, when put on the market early in 2015, with tenants including Specsavers, Dominos, and Munster Outdoor Sports, with three other vacant units.

The price was confirmed by Brian Olden, of Cohalan Downing Associates (CDA), to be “in excess of €2.3m, and the purchaser was local.

The sale, although protracted, generated mainly national interest from Dublin, Cork, and, of course, Killarney itself,” says Mr Olden, of CDA.

Following the sale of two other, substantial, multi-million euro Cork investments — McDonalds on Winthrop Street, and Argos on Grand Parade — “there are still active investors in the market, both nationally and overseas, with a number of parties looking for investments in the €3-€20m bracket,” says Mr Olden.

The L-shaped Courtyard was built on a 0.8-acre site acquired for €3.75m, and was designed by Campbell O’Sullivan architects, and has 20,000 sq ft of retail.

Details: Cohalan Downing: 021-4271371

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