An incredible 400,000 visitors are expected to visit Ennis next month, over the nine-day run of the 2016 Fleadh Cheoil: in terms of context for size and scale, that’s four times the number of visitors expected at this week’s Dublin Horse Show.
The 400,000 Traditional music ‘hoofers’ all-in will participate and appreciate up to 400 events between August 14 and 22.
Some may need to buy rainwear, knitwear or a new gúna. If so, the Carrig Donn shop in the heart of Ennis and which is now up for sale as an investment is well poised to supply their needs.
It’s the Fleadh’s first return to Ennis, which previously hosted the enormous event in 1977 and in 1956, and the town has also been confirmed as the host for 2017, so the local economy’s getting a particularly valuable financial fillip, especially food and drink retailers as upwards of 100,000 per day are expected to throng the streets of Ennis.
For those with their eyes on bigger scale purchases and investment, the €2.25m offer of the retail investment at Ennis’s flagship Carraig Donn clothing and giftwear store, on a new ten-year lease at €155,000 pa, may be music to their ears: it holds the promise of a c 6.6% net return on investment.
The building was a Bank of Ireland branch up to the early 2000s, when it sold in 2001 for €1.8m/€2.25m and was occupied by Carrag Donn, who extended to the rear to a total floor area of 995 sq m/10,700 sq ft.
What will be interest now will be to see how much investor sentiment has changed in the space of just a year or so since the current 6,700 sq ft Ennis Bank of Ireland branch at Bank Place sold in 2015, in a sale and leaseback via local agent David Costelloe, for just over €2m to an investment fund.
That BOI branch, with seven years to run on its 25 year lease, had a rent of €195,000, equating to a net initial yield of 9.4%. That bank building sale attracted seven bidders, finally going by best and final offers for a shade over €2m.
Selling agent Pady Darmody of Sherry FitzGerald McMahon says the Carraig Donn store’s location at O’Connell Square is at the retail heart of the town, with nearby occupiers including Eason’s, Kilkenny Design, Eurogiant, Life Style Sports, Fujifilm, Three, Paddy Power, Shoe-Rack and Hidden Hearing, plus other strong local retailers.
The red brick and limestone building, extended by Carrig Donn to the rear with a sympathetic contemporary limestone and glazed facade, is four storey over basement, with retailing over three floors.
Occupiers Carraig Donn have 38 stores Irish stores, plan on three more stores in 2016, plus on-line sales.
“The sale offers a superb opportunity of acquiring a prime, easily managed, retail investment at a time when returns from cash and other investment vehicles are at an all-time low,” notes Mr Darmody.
DETAILS: Sherry FitzGerald McMahon 065-6867866
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