THE NEWTOWN Centre in Annacotty has been put on the market with a guide price of €2.75m.
The sale of the commercial development – which generates an annual rent in the region of €268,000 – is being handled by Savills Cork on the instruction of the receiver Grant Thornton. Savills expect to receive a “high level of enquiries”.
Current tenants - including Bord Gais, Mace, Curves and Bambury Bookmakers - are not affected by the sale.
The modern two storey commercial development occupies a site of circa 0.88 Ha / 2.17 acres.
There are nine fully occupied ground floor retail units and 10 first floor office units, seven of which are currently occupied. An extensive surface car park sits at the front of the property providing an abundance of customer parking.
The centre is located in a prime suburban location between Newtown and Annacotty – approximately 1km east of Castletroy.
The surrounding area is an established residential suburb with a large catchment that is serviced by the centre. Neighbouring residential estates include Thornfield, Cherryfield, Rosskeen and Castlemara.
Castletroy College is located immediately opposite the Newtown Centre.
Siobhan Young, of Savills, said: “The Newtown Centre provides investors with the opportunity to acquire a finished property with strong tenant occupancy levels and a considerable rent receivable per annum.
“The current vacant office units provide scope to increase future rental income and we expect to receive high levels of enquiries for this investment.”