Kildare Town Centre

Case Studies

Kildare Town Centre (KTC) was constructed in 2004.
Mix of 17 Retail Units & 2 Offices. All apartments were sold off in 2005/2006.

Company that owned KTC went into Receivership in 2016.
Conway Auctioneers ; Lisney appointed to sell KTC in 2018.
Sold to Family Office who were existing clients of John Conway (Conway Auctioneers) in 2019 for €1,670,00.
Rent roll in 2019 was €200,000.

John Conway appointed by the Family Office to asset manage, let the vacant units and oversee the overall investment programme in KTC.

Challenges

5 Vacant Units.
Disgruntled tenants – no investment in the KTC for several years.
Number of leases needed to be re-negotiated.
Anchor unit which was owned by a third party was closed.
Management Company not fit for purpose.
Basement car park was a no-go area. Hub for anti-social behaviour.

Before and After

Current Situation

KTC is 100% let.
Annual rental income is now €475,355
Schedule of works in place which has improved the building.
Management Company issues resolved, and a new Co set up for the commercial tenants.

Car park is now a safe place. New lighting installed, Netwatch Security System installed and Security Company in place. Pay parking introduced and now car park is being used daily.
Anchor Unit was acquired in 2021. Redeveloped as office and retail units. Office pre-let to Government Agency on a 15 year lease.

Total investment to include acquisition and refurbishment €2m.