The well-established Manor West Neighbourhood Centre in Tralee, Co Kerry goes on sale from today. With a guide price of €4.5 million, it will show a net initial return of 10.3 per cent.
Joint agents Cushman & Wakefield and Sherry FitzGerald Stephenson Crean are marketing the investment which is 87 per cent let and producing a rent of €482,234 a year. The centre includes a Topaz service station, seven retail units, offices and a restaurant.
The service station is let to Topaz under a 20-year lease from 2001 at a rent of €323,834. Other tenants in the centre include Boyle Sports and Kerry County Council.
The centre faces on to the busy R875 road, one of the main thoroughfares to and from Tralee town centre off the Cork, Limerick and Killarney roads.
Ciara McCarthy of Cushman & Wakefield said there was potential to increase the rent through the letting of the remaining retail unit which was previously occupied by Xtra-vision as well as available office space.
Paul Stephenson of Sherry FitzGerald Stephenson Crean said that having recently sold two nearby developments for figures in excess of €4.6 million, he was now expecting interest from both national and international investors.
