A private MUNSTER investor paid 1.5 million euros for a historic building in downtown Tralee, which houses The Kerryman newspaper, an AIB commercial bank and three apartments.
Achieving a yield of around 11%, the new owner of 9-10 Denny St secured the three-story Georgian period building that previously housed the National Bank of Ireland (later the Bank of Ireland) from a private investment consortium which, in turn, bought it about a decade ago, after the banks and real estate crashes.
The building – a listed property built in the early 1800s, on a very unspoiled Georgian streetscape laid out in the early 19th century on the grounds of Tralee Castle – was sold by Paul Stephenson of Sherry FitzGerald Stephenson Crean (SFSC), had carried a € 1.3 million price guide, but sold for a higher amount, likely to be close to 1.5 million euros.
It has a total rental income of € 159,400, of which € 29,400 per year is from three modern, good quality two-bedroom apartments built at the back in the 2000s, and Mr Crean says’ this is considered a vote of confidence in downtown Tralee.
- : SFSC at 066-7180822