The Kerryman (South Kerry Edition)
Killarney Outlet Centre on market for €11.5m
THE Killarney Outlet Centre, which was built in 1998, is up for sale with an asking price in the region of €11.5 million.
The retail centre includes 39 shop units and recent additions include Tiger, Trespass, DV8 and Eurogiant.
Fiona Kennedy of selling agents property advisors CBRE said the centre has “significant potential for rental growth which can be achieved through letting the vacant space”.
THE Killarney Outlet Centre is up for sale with an asking price in the region of €11.5 million. The popular retail centre was built in 1998 and it remains a busy focal point for retail in the town producing a rental income of approximately €1m per annum. The property comprises of 39 retail units and the sale is being handled by property advisors CBRE on behalf of Green Property.
“We have witnessed an increase in letting activity and demand for the scheme as retailers continue to expand throughout the country,” said Niamh Sheahan, letting agent for Killarney Outlet Centre.
“Recent additions to the centre include Tiger, Trespass, DV8 and Eurogiant, with future openings to be confirmed. There is an excellent asset management opportunity in leasing the vacant units and introducing complimentary users which will further enhance the tenant mix in place,” added Niamh.
The vendors say there’s significant potential for rental growth which can be achieved through active asset management adding that an incoming purchaser will take the opportunity to introduce longer term leases to a centre where traditionally leases have been set at a 5-year term. There’s also the added opportunity to improve the overall tenant mix and increase rental income through letting of vacant space.
Fiona Kennedy is the senior surveyor of CBRE and she described Killarney Outlet Centre as “an opportunity to purchase a key piece of real estate”. Fiona added: “There is significant potential for rental growth which can be achieved through letting the vacant space.
“Further asset management will allow Killarney Outlet to reach its full potential.”