Connect with us

News

Deerpark Retail Park up for sale

Published

on

0224693_DJI0304.jpg

By Michelle Crean

Killarney's popular Deerpark Retail Park has been put up for sale as part of a collection of three Irish retail parks - with a guide price excess of €67.5 million.

Tenants will not be affected as property advisors CBRE offer The Cobalt Collection - which includes Letterkenny Retail Park, Co. Donegal and Tullamore Retail Park in Co Offaly, for sale by Private Treaty.

The entire collection is producing a stable rent roll of €6,475,000 per annum.

The tenant mix is diversified, not reliant on any one retail use and has an impressive combination of national and international brands including anchor tenants, Woodies DIY, TK Maxx, Homebase and M&S.

Retail Parks have proven to be a resilient asset class out preforming all other retail sub-sectors over the course of the pandemic. This is due to their deemed “essential use” class which were not subject to Government closures coupled with open air surface car parking and large open space configuration. The Irish retail park sub-sector is increasingly sought after by investors, as it is considered stable and a good prospect in the low current interest environment and in comparison, to the lower returns prevailing in other sectors, according to CBRE.

Deerpark Retail Park

Deerpark comprises of 13 retail units extending to approximately 11,342 sqm and is the leading retail park in Killarney, occupying a pivotal location on the western side of the town centre.

Its anchored by Marks & Spencer and EZ Living and provides a mix of bulky and open use occupiers to an extensive catchment area. Additional tenants include New Look, Argos, Boots and Costa Coffee. Its total net operating income is approx. €1.30m per annum.

“We anticipate strong interest for The Cobalt Collection," Selling Agent, Paddy Farrelly, Capital Markets Division, CBRE said.

"From an occupational perspective, retail parks have proven themselves extremely resilient through retail market challenges and having just come through one of the most significant challenges in the sector, it is hard to ignore the opportunity and return profile on offer in the sub-sector.
The Cobalt Collection is a notable example of this resilience at an individual asset level. It offers an incoming investor scale, diversified income and stability in the sector as a portfolio. Each scheme's individual performance is exceptional, serving as prominent retail hubs within their catchment areas.”

Advertisement

News

Taoiseach makes historic first visit to Beaufort schools

Published

on

By

Taoiseach makes historic first visit to Beaufort schools

An Taoiseach Micheál Martin made a historic visit to St Francis Special School and St Mary’s of the Angels on Wednesday afternoon, marking the first time a serving Taoiseach has visited either Beaufort facility.

The visit followed a recent Dáil invitation extended by Kerry Fianna Fáil TD Michael Cahill, who accompanied the Taoiseach alongside local Councillor Tommy Cahill. During the tour, the Taoiseach met with management, staff, residents, and families to observe the services firsthand and discuss operational challenges.
Both Michael and Tommy Cahill welcomed the visit, emphasizing the campus’s potential to become a super respite centre of excellence for children and adults with profound disabilities.
“This was a truly historic occasion,” Deputy Cahill said. “The Taoiseach had the opportunity to see the excellent facilities on the campus first-hand and, importantly, to hear directly about the challenges and concerns they face. There is huge potential here to further develop respite and enhanced services.”
Councillor Tommy Cahill added that the visit was a significant day for service users and staff. He confirmed ongoing engagement with government departments, St John of God, the HSE, and local stakeholders to ensure the site’s full potential is realised.

Continue Reading

News

Dunloe Hotel plans staff accommodation amid local rental crisis

Published

on

By

The severe accommodation pressures facing the local hospitality sector have been laid bare this week as Killarney Hotels Limited lodged a planning application for purpose-built staff housing at The Dunloe Hotel & Gardens in Beaufort.

As rental and sales properties across the Killarney region become increasingly difficult to source, providing on-site housing has become critical for recruiting and retaining hospitality workers.


The application submitted to Kerry County Council details plans for staff accommodation lodges arranged in two connected three-storey blocks around a central courtyard area.


Phase A of the development comprises 60 staff accommodation rooms and six common room areas, with an option for a Phase B expansion to add a further 18 rooms on the estate.


The proposed scheme also includes roof-mounted photovoltaic solar panels, green roof systems, a single-storey gym building with attached bicycle and bin storage, staff car parking, landscaping, and connection to local utilities.


The planning submission comes following the announcement in May of a major €100 million redevelopment project at the hotel.

Works are underway to transform the existing five-star property into an even higher-spec luxury resort destination, scheduled to reopen in the second half of 2028.

Continue Reading

Last News

Sport