T

THE Killarney Outlet Centre is on the market with a guide price of €11.5 million. Property advisor CBRE is to offer the centre for sale by private treaty. Killarney Outlet Centre is a prominent retail scheme in the centre of Killarney town comprising 8,407 square metres (90,497 square feet) of retail accommodation. The outlet centre is producing a rental income of approximately €1,000,000 per annum.

Killarney Outlet Centre was constructed in 1998. It occupies a high-profile corner site within the centre of Killarney town. Killarney Bus Station forms part of the site and Killarney Train Station is also situated adjacent to the scheme. Killarney Outlet Centre is highly accessible, with two entrance points at opposite sides of the centre. Vehicular access to Killarney Outlet Centre is off Fairhill, which is a busy thoroughfare leading into town. There are 230 car spaces on the site which extends to 2.08 hec (5.14 acres).

It is within minutes of some of Killarney’s best hotels including the Malton Hotel and yhe Killarney Park Hotel. The diverse retail offering in the scheme also attracts a family customer base which is evidenced by the centres footfall peaking during the traditional school breaks.

Killarney Outlet Centre comprises 39 retail units, ranging in size from 93sq m to 678sq m. laid out over ground and first-floor level. The centre benefits from ample internal circulation space and bright common areas. Killarney Bus Station is situated at the car park entrance to the centre and interconnects with the main mall at ground floor level, generating additional footfall.

The ground floor is majority occupied by a high quality tenant mix featuring well known national and international brands. Killarney Outlet Centre is anchored by a 678sq m. Nike factory outlet which stocks a wide range of Nike products at discounted prices. Additional tenants include Claire’s Accessories, Holland and Barrett, Tiger, The Works and Pavers.

The centre benefits from having popular food and beverage retailers, Costa Coffee and O’Brien’s Sandwich Bar trading from the ground and first-floor levels.

Killarney Outlet Centre offers significant potential for rental growth which can be achieved through active asset management. An incoming purchaser will take the opportunity to introduce longer-term leases to a centre where traditionally leases have been set at a five-year term. There is opportunity to improve the overall tenant mix and increase rental income through letting of vacant space.

Fiona Kennedy, senior surveyor of CBRE, said: “Killarney Outlet Centre presents an opportunity to purchase a key piece of real estate in the thriving town of Killarney. There is significant potential for rental growth which can be achieved through letting the vacant space. The centre has performed exceptionally well in recent years attracting high quality retailers. Further asset management will allow Killarney Outlet to reach its full potential.”

Niamh Sheahan, CBRE, is the current letting agent for Killareny Outlet Centre. She said: “We have witnessed an increase in letting activity and demand for the scheme as retailers continue to expand throughout the country. 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.”
 

 
Above: The Killarney Outlet Centre. PICTURE: DON MACMONAGLE