Shop units to rent at Kinsale mixed-use scheme

RetailSector: Business is booming in Kinsale, Co Cork, where a new retail and residential development is underway.

Lisney is the agent for the scheme by Pelig Developments and the new development, which includes 14 apartments and duplexes, should be completed by June 2007.

Kinsale Quarter is the name of the mixed-use scheme located adjacent to the town centre on the New Cork Road. The development site adjoins the town's municipal carpark and work is already underway.

SuperValu has already been declared as one of two anchor tenants, and will occupy a 1,900sq m (20,451sq ft) unit. It is relocating from Pearse Street to the new location and will be joined by a second anchor, in a unit of 1,035sq m (11,141sq ft). There are additional retail units varying in size from 55.7-148.6sq m (600-1,600sq ft).

Rents for the smaller retail units are guided by Lisney at €323 per sq m (€30 per sq ft).

Strong demand is expected, as there is a limited supply of quality retail units in Kinsale. They are expected to appeal to a variety of users, including pharmacy, fashion, crafts and gifts, with retailers likely to benefit from the tourist trade but also the growing commuter town of Kinsale.

Traditionally known as the gourmet capital of Ireland, more and more commuters are locating in the town. There are now 14,000 living in the Kinsale catchment and this is expected to grow to 18,000 within two years.

Numbers are being boosted by a rapid growth in residential building, with 550 new houses and apartments currently in the planning process. About 500 of these are in Rathmore/Rathbeg which lies within a quarter mile of Kinsale Quarter.

Pelig Developments is a joint venture between Michael Smith of SuperValu of Kinsale and Jack Ronan/John Faraher who have developed the Poppeyfields Retail Park in Clonmel.