Substantial commercial opportunity in Tralee

A SUBSTANTIAL commercial development is now on the market at Manor West Neighbourhood Centre, Tralee. The area comprises of a Topaz Service Station, seven retail units and a restaurant which is to be offered for sale through joint agents, Cushman & Wakefield and Sherry FitzGerald Ste- phenson Crean.

Offers are being sought in excess of €4.5 million for the development, which is producing an overall rent of €482,234 and reflects an attractive Net Initial Yield of 10.3 per cent.

The sale also includes a modern, purpose built development with 87 per cent occupancy. The service station is let to Topaz under a 20-year lease from March 2001, subject to passing rent of €323,834, with additional tenants in the scheme including Boyle Sports and Kerry County Council.

The location is a high profile one facing onto the R875, one of the main thoroughfares to and from Tralee town centre off the Cork/ Limerick / Killarney road networks and is located adjacent to McDonalds and Manor West Shopping Centre & Retail Park. The location enjoys a steady flow of people from early morning until late evening, making it an ideal commercial scene.

Agents expect strong interest in the investment as the property offers an attractive opportunity to acquire an established development which is anchored by Topaz in a key gateway location on the periphery of Tralee town.

In addition, Ciara McCarthy of Cushman & Wakefield is confident that there is potential to increase the current rent receivable with the letting of the remaining retail unit formerly occupied by Xtra Vision and vacant office accommodation.

Paul Stephenson of Sherry FitzGerald Stephenson Crean added: “This development offers and excellent opportunity to acquire a landmark investment and having just sold two nearby developments for figures in excess of € 4.60 million in recent months we expect interest from both national and international investors.”

For further details contact Paul Stephenson at 066 7180822, or Ciara McCarthy at 086 1742420.

The Manor West Neighbourhood Centre in Tralee which comprises a Topas Service Station, seven retail units and a restaurant is on sale and open to offers in excess of €4.5 million.