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  • For sale
Project Rose - The Parklands & An Sean Mhuilleann - #1
Project Rose - The Parklands & An Sean Mhuilleann - #2
Project Rose - The Parklands & An Sean Mhuilleann - #3
Project Rose - The Parklands & An Sean Mhuilleann - #4

For Sale

€10,750,000 EUR

 Key Investment Highlights


• A collection of 69 modern apartments let to two leading ‘AHB’s’; - Tuath Housing Association and Co-Operative Housing Ireland


• Held by way of long term secure leases, government backed, incorporating CPI linked reviews and no break options


• 20 Year leases with 17.2 years remaining


• 40 apartments let to Tuath Housing Association in An Sean Mhuíleann, North Circular Road


• 29 apartments let to Co-Operative Housing Ireland in Parklands, Ivy Terrace


• Gross rent roll of €617,865 per annum (net of €524,585 after service charge)


• The leases are 20 years with 4 yearly CPI linked reviews, with lease commencement dates of between July 2019 and October 2019. The first round of CPI uplifts are July this year. The expected CPI uplift at the various reviews has been assessed as follows; 


                                                      NIY
Passing Rent   € 617,865.00     4.67%
26/07/2022    € 626,111.70     4.75%
09/08/2022    € 633,281.28     4.81%
12/09/2022    € 639,222.27     4.86%
25/10/2022    € 643,429.26     4.90%
20/12/2022    € 652,463.66     4.98%
12/07/2023    € 665,164.95     5.10%
27/09/2023    € 667,912.07     5.12%


 


THE LOCATION


Tralee is the charming town of County Kerry in the south west of Ireland. Tralee is the largest town in the County and acts as the County administrative, retail and services centre. The town has a number of key functions including principal retail and commercial area, civic and administrative and cultural functions with leisure, entertainment and community facilities. Other services in the town include a District and Circuit Court, Kerry General Hospital and the Headquarters for Kerry County Council. Over the last number of years Tralee has experienced growth in areas such as tourism, housing developments, retail and commercial expansion, infrastructural projects and urban regeneration.


Tralee Train Station, Dunnes Stores shopping complex and car park are also within close proximity to the properties as is the Tralee Institute of Technology Sports Complex. Manor West Shopping Centre and Retail Park is located at the edge of Tralee Town Centre.


An Sean Mhuíleannand The Parklands are both located in the heart of Tralee town, a short 9 minutes’ walk apart.


 


The Parklands



  • 29 units, Parklands, North Circular Road

  • Lease to Co-operative Housing Ireland

  • 20-year term with staggered commencement from December 2018 to october 2019


An Sean Mhuíleann



  • 40 units, An Sean Mhuíleann, North Circular Road,

  • Lease to Tuath Housing Association

  • 20-year term with staggered commencement from December 2018 to October 2019