Saturday 21 October 2017

Central Point in Killarney at €2.7m

Central Point is fully occupied and delivering rent of €230,000
Central Point is fully occupied and delivering rent of €230,000
Ronald Quinlan

Ronald Quinlan

A neighbourhood centre in Killarney, Co. Kerry, has been brought to the market for a guide price of €2.7m by agents Cushman & Wakefield and Sherry FitzGerald Coghlan.

The Central Point mixed-use scheme is fully occupied and comprises nine retail units, three office units and seven modern two-bedroom apartments.

The development consists of two detached blocks with 71 car parking spaces on a site of 0.73 acres.

There is approximately 1,802 sq m (19,397 sq ft) of accommodation, which is currently producing an annual rent roll of €230,000. The agents believe there is potential for this figure to be increased through additional asset management in the short term, reflecting a reversionary yield of 11pc.

Cushman & Wakefield's Ciara McCarthy says: "This investment offers investors a superb opportunity to acquire an established modern neighbourhood centre which is 100pc occupied and is located in an established residential and commercial location with frontage onto one of the main thoroughfares to and from Killarney Town Centre".

Michael Coghlan of Sherry FitzGerald Coghlan adds that: "This is a rare opportunity to purchase an income-producing, high-profile and modern mixed-use investment in the Killarney area."

Interest is expected from both local and national investors.

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