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Units 1, 2 and 3 Hanover Square, Kennedy Avenue, Carlow

Units 1, 2 and 3 Hanover Square, Kennedy Avenue, Carlow

Kelly’s Newsagent, Chapelizod, Dublin

Kelly’s Newsagent, Chapelizod, Dublin

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Units 1, 2 and 3 Hanover Square, Kennedy Avenue, Carlow

Two retail properties with development potential have come to the market this week: one in Carlow town and the other in Chapelizod village, Dublin 20.

The Carlow town-centre property is an investment located at Units 1, 2 and 3 Hanover Square, Kennedy Avenue, and has a guide price exceeding €1.75m.

It comprises three high-profile retail units together with the rear car park at Kennedy Avenue, Its tenants are McDonald’s, Mr Price and Kevin Kelly Pharmacy.

The properties are held on long-term leases and currently generate annual income of €165,000.

Aishleen O’Toole, of Quinn Agnew, the selling agents, says this rent would equate to a net initial yield of 8.5pc and in addition there is reversionary potential from a rent review on the pharmacy so the reversionary yield could exceed 9.5pc.

The combined floor areas of the units totals 1,827sqm. The car park extends to 0.12 hectares. A Penneys store is due to open next year and is expected to increase footfall.

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Kelly’s Newsagent, Chapelizod, Dublin

Kelly’s Newsagent, Chapelizod, Dublin

Kelly’s Newsagent, Chapelizod, Dublin

The Chapelizod property, known as Kelly’s Newsagents, is a landmark building on the corner of Main Street and Park Lane. A red brick residential house and corner shop, it comes with an enclosed yard and a roof terrace with views over Chapelizod. Julian Cotter, of selling agents Sherry FitzGerald, is quoting €845,000 for it. Alternatively, the five-bedroom residence could be let out.

He says the 68.5sqm retail unit also has access to a rear yard and separate store.

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