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Deerpark Retail Park up for sale

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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.”

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Contactless payments launched on Local Link services

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Passengers using TFI Local Link Kerry services in Killarney and across the county can now pay for their journeys using contactless card payments.

The National Transport Authority (NTA) confirmed the rollout this week, allowing commuters to simply tap their debit card, credit card, or mobile devices, such as Apple Pay and Google Pa, when boarding.

The move is designed to offer more convenience for those using high-frequency rural and regional routes.

In Killarney, the new payment option will be available on the TFI Anseo town services, which have seen a significant increase in passenger numbers since their introduction.

The contactless system is currently available for single journey fares, while those using daily or weekly passes can continue to use the Leap website or the TFI Leap Top Up App.
Alan O’Connell, General Manager of TFI Local Link Kerry, welcomed the modernisation of the fleet.

“The introduction of contactless payments is another welcome step forward for public transport in Kerry,” he said. “It complements other major projects in the county, including the expansion of TFI Local Link services and the delivery of TFI Anseo in Killarney, which is proving to be another great initiative.”

While the new technology offers a modern alternative, traditional payment methods are not being phased out. Cash payments, TFI Leap cards, and Free Travel Cards all remains fully valid across the network.

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How will our Kerry TDs vote tomorrow?

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Tomorrow, Sinn Féin will be tabling a motion of no confidence against the Government after the protests that took place nationwide during the week.

Earlier today we asked our readers how would they vote in a no confidence motion against the Government?

Most of our readers said they would vote no confidence, while some said, yes they do have confidence in the Government.

One reader said: “Vote confidence. The only proper leadership over the last few days came from government. Courage came when needed despite how unpopular it looked in the moment. By contrast, opposition politicians wanted the country to burn to suit themselves”.

Another reader stated: “No confidence. Shambolic and heavy handed handling of protests this past week”.

However, some people didn’t have any confidence in either side with a reader saying: “No confidence in the no confidence! Different wings of the same bird! We need a complete overhaul of the political system”.

We asked the question to our 5 Kerry TDs before lunch-time today, asking them what their vote will be tomorrow.

We received one reply from Sinn Féin’s Kerry TD Pa Daly.

He will be voting no confidence in the Government tomorrow along with his party.

Other media outlets are reporting that Independent TD Danny Healy-Rae is undecided at the moment.

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