25 The Mall, Tralee, Co. Kerry

Sold

25 The Mall, Tralee, Co. Kerry

• High profile location immediately adjacent to Penneys
• Four storey mid terrace building extending to 366.8 sq.m
• Large retail floor plate of 602.3 at ground floor
• 25 year lease to Easons Ltd. With 10 years term certain
• Attractive NIY of 9.0% off a market rent of €120,000 p.a.

Location

Tralee is the administrative capital for County Kerry situated approximately 113 kms northwest of Cork City and 100 kms southwest of Limerick City.

The population of the town was 23,691 at the 2016 Census however its catchment extends beyond this to a wide geographical area. Tralee is home to Kerry University Hospital and Tralee Institute of Technology, which has a student enrolment of c. 3,500 students. Other major employers include the Kerry Group, Dairymaster, Freeflow and Aspengrove as well as a large number of people employed in the retail and tourism sectors.

The retail core of Tralee town centre is focused along The Mall / Bridge Street offering a mix of international, national and local retailers together with various service and food and beverage providers. The subject property is located in a high-profile location on the north side of The Mall, immediately adjacent and in close proximity to Penneys.

The Property

25 The Mall is a four storey mid-terrace building on a regular shaped site of approximately 0.4 acres with frontage of approximately 6 meters to The Mall and 11 meters to Milk Market Street.

The entire extends to 602.3 sq m (6,483 sq ft) incorporating a large retail area of 366.8 sq m (3,948 sq ft) at ground floor. The store is laid out to provide an open plan retail area with a store room located to the rear within the single storey extension.

The property is listed as a Protected Structure under the extended Tralee Town Development Plan 2009 – 2015.

Schedule of Accommodation

Floor	Use	Sq.m NIA	Sq.ft NIA
Ground	Retail & Storage	451.2	4,857
First	Office / Cloakrooms	27.4	295
Second	Canteen / Storage	56.8	611
Third	Storage	66.9	720
Total		602.3	6,483

Tenancy

Let to Eason Limited on a new 25 year FRI lease at an annual rent of €120,000. The lease provides for five yearly open market rent reviews and a break option (in favour of the tenant) at the end of year 10 subject to six months’ prior written notice.

Eason is Ireland’s leading book, stationery, news and magazines retailer with a portfolio of 60 stores nationwide and employing approximately 800 people. Eason Limited had a turnover of €109m in the year ended January 2018, with a profit after tax and restructuring costs (€3.3m) of €0.7m. The profit after tax for the year ending January 2019 is expected to be approximately €3m bringing the balance sheet value to c.€6m. Full accounts for 2018 and draft accounts for 2019 are available on request.

Details

Sales Particulars

The property is being offered on the basis of Sale and Leaseback via a Private Treaty process. Price on application.

Viewings

Viewings are strictly through the joint agents, Bannon & Wash O’Sullivan.

VAT

TBC

Title

Freehold