Substantial commercial opportunity at Manor West

A CHANCE to avail of a substantial commercial opportunity now exists with the coming on stream of the Manor West Neighbourhood Centre, Tralee. This area comprises of a Topaz Service Station, 7 retail units and a restaurant which is to be offered for sale through joint agents, Cushman & Wakefield and Sherry FitzGerald & Stephenson Crean. Offers are being sought in excess of €4.5 million for the investment, which is producing an overall rent of €482,234 and reflects an attractive Net Initial Yield of 10.3 per cent.

The development comprises of 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.

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 states 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, while Paul Stephenson of Sherry FitzGerald Stephenson Crean added, “This development offers and excellent opportunity to acquire a landmark investment and having just sold 2 nearby developments for figures in excess of €4.60 million in recent months we expect interest from both national & international investors.”