Killarney Outlet Centre, Killarney, Co Kerry
Exceptional Retail Investment Opportunity
Dublin, 14 October 2016 – Property advisors CBRE are to offer Killarney Outlet Centre for sale by Private Treaty. Killarney Outlet Centre is a prominent retail scheme in the centre of Killarney Town comprising 8,407 sq. m. (90,497 sq. ft.) 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 Killarney Town. There are 230 car spaces on the site which extends to 2.08 hec (5.14 acres).
The centre is in a prime position to benefit from the high volume of tourist activity in the town, situated alongside both Killarney Bus and Train Station and within minutes of some of Killarney’s best hotels including the Malton Hotel and The 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 93 sq. m. to 678 sq. 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 678 sq. m. Nike factory outlet which stocks a wide range of Nike products at discounted prices. Additional tenants include Claires 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 5 year term. There is opportunity to improve the overall tenant mix and increase rental income through letting of vacant space.
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.
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
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.