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New shared home equity scheme launched

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On the back of the article we published two weeks ago informing of the new First Home Shared Equity scheme, the government announced a further home buying incentive this week.

A new €30,000 grant is available to those who purchase a vacant property to live in.

At the time of writing, Minister Darragh O Brien is bringing details of the Croi Connaithe scheme to cabinet, which allows for grants of up to €30k to help first time buyers with the cost of renovating existing vacant buildings. The scheme will be administered through the Local Authorities and is envisaged it will help in the restoration and conversion of many unoccupied buildings in our towns and villages.

Additional Funding of €7.5m has also been approved this week by Rural and Community Development minister Heather Humphreys, to redevelop 36 derelict and vacant properties in rural areas into new community hubs. The funding will see former banks, Garda Stations and courthouses taken into public ownership and converted for community use.

Both these new schemes are designed to tackle the scourge of dereliction in our rural towns and villages.

A further measure, aimed at easing pressure in the rental market, is the much publicised move to tighten regulatory controls on the short term letting of non-principal private residences in rent pressure zones.

The housing minister has said the new controls would result in more homes returning to the long term rental market in areas where rents are highest and where households have the greatest difficulty sourcing affordable accommodation. From September, online platforms will not be able to advertise properties in rent pressure zones that do not have the requisite planning permission in place.

Non compliance will be an offence for both the individual property owner concerned and the property website

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Paralympic legend Jason Smyth visits St Brendan’s

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Paralympic legend Jason Smyth visits St Brendan’s


World renowned Paralympian and world record holder Jason Smyth paid a visit to St Brendan’s College on Wednesday afternoon as part of a high profile visit to Killarney.


The six time Paralympic gold medallist spoke to second year students from St Brendan’s College, alongside students from neighbouring schools St Brigid’s Presentation Secondary School and Killarney Community College.
The interactive talk and interview took place ahead of World Sight Day, with the legendary sprinter sharing his personal journey with Stargardt disease, a genetic eye condition that left him legally blind at eight years old.
The Derry native, who holds the world record as the fastest Paralympian on earth over 100 metres, offered inspiring insights into overcoming physical adversity and achieving success at the highest level of world sport.
The school visit formed the opening leg of his Killarney schedule before he took centre stage later on Wednesday evening at The Killarney Plaza Hotel & Spa.
Smyth headlined An Evening with Paralympian Jason Smyth, an event organised by the Killarney Chamber of Tourism and Commerce as part of its winter schedule, sponsored by AIB.

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Deerpark Retail Park placed on market for fifteen million euro

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Deerpark Retail Park in Killarney has officially been placed on the market with a guide price in excess of 15.4 million euro, excluding VAT.

International real estate firm Cushman & Wakefield has been appointed as the sole sales agent to handle the high-profile commercial property sale on behalf of its current owner, Investcorp.

Investcorp, a global investment management firm headquartered in Bahrain, had previously acquired the prominent shopping complex.


The sale represents one of the largest commercial property offerings to launch in County Kerry this year.

Located roughly 1.3 kilometres west of Killarney town centre, the scheme enjoys strong regional connectivity and sits adjacent to independently owned operations including a Tesco Extra store, a Tesco petrol filling station, JYSK, and Aldi.


Constructed in 2006, the development extends across approximately 10,482 square metres, or 112,835 square feet.

The scheme comprises a mix of modern retail warehouse units and a complementary neighbourhood centre, offering 13 individual units in total with Part Open and Part Bulky Use planning permission.

The units range in size from 94.6 square metres up to 1,994.9 square metres. Visitors have access to approximately 248 customer parking spaces across the commercial grounds.

The park is currently 100 per cent occupied by a strong line-up of established national and international brands.

Key retail tenants include Marks & Spencer, Boots, DID Electrical, Maxi Zoo, and Mountain Warehouse.

The neighbourhood centre element accommodates service and convenience operators such as Costa Coffee, Card Factory, and Salon B.

The first-floor accommodation is fully let to Peak Performance Academy, which provides additional rental diversification.

Additionally, the scheme benefits from an agreement with Tesla to operate eight electric vehicle charging bays within the customer car park.


Commercial figures show that the property generates a total current rental income of 1,326,458 euro per annum, with a weighted average unexpired lease term of 4.45 years to break options and 6.46 years to lease expiry.

Cushman & Wakefield noted that the quoted guide price of 15.4 million euro reflects a net initial yield of 7.83 per cent, assuming standard purchaser costs of 9.96 per cent.

The selling agents highlighted that the fully occupied asset offers investors an attractive income profile alongside scope for additional income generation through parking commercialisation.

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