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Thursday 2 October 2014

Retail centre and attached lands on market for €1.5m

Published 12/06/2014 | 02:30

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The Rock Centre and adjoining lands in Co Leitrim is on the market for €1.5m

SAVILLS and Crotty Auctioneers have been retained to sell a retail centre and attached lands for €1.5m plus VAT.

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The Rock Centre in Ballinamore, Co Leitrim, and adjoining undeveloped lands extending to approximately 3.95 hectares (9.77 acres) are being offered for sale by private treaty.

The property is being brought to market on the instructions of joint receivers Kieran Wallace and Patrick Horkan of KPMG.

The property comprises 25 apartments at various stages of completion, one office unit and 15 retail units at ground floor level with car parking provided at surface and basement level.

Tesco is the anchor tenant of the scheme, and is paying an annual rent of €150,000. One additional retail unit is occupied by Allure Health and Beauty, subject to a rent of €6,000 per annum.

The undeveloped land, which is zoned mixed-use within the Leitrim County Development Plan 2009-2015, extends to approximately four hectares and has additional mixed-use grants of planning permission, to include the construction of a 44 bed hotel, 55 residential houses and 8 office units.

The property is located on the Ballinamore Inner Relief Road and within close proximity to the new primary care centre and care managed unit that is currently under construction. This development involves the construction of a modern purpose built primary care centre and interconnected care managed unit that will also include a day service facility. The opening of the primary care unit is scheduled for September 2014.

John Swarbrigg of Savills commented: "This property offers not only an attractive development opportunity, particularly in relation to the partially completed element of the existing scheme as well as the undeveloped lands that could accommodate a hotel and potentially a further 55 residential houses, but also the presence of the existing commercial occupiers, most notably Tesco, will no doubt allow a purchaser the ability to enhance the annual rental income in the short term with an effective asset management approach."

While the market for provincial retail and mixed use properties has been down for sometime there are some tentative signs of movement in the market. A number of properties have been been put up for sale in recent weeks. The vast majority of them, however, have either been on the instructions of a receiver or have been another form of a distressed sale.

Meanwhile, Savills have been instructed to sell a land holding on the outskirts of Mallow town at Oliver's Cross which would be suitable for farming enterprise.

The c.49.30 acre land holding is located 2.5km east of Mallow town centre just on the junction of Oliver's Cross, which is the main Mitchelstown/Fermoy intersection. The land holding is adjacent to Mallow GAA Club and is located just off St Joseph's Road.

The land is said to be "good quality agricultural ground" which consists of a regular shaped land holding laid out in three divisions which are bound by mature hedgerows.

The lands are in paddocks, currently in grass and tillage with virtually no waste.

Savills is seeking offers in excess of €620,000.

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