Updated: 03/08/17 : 05:45:45
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Sligo tourist, student apartment complex on market at €2.5m

An unusual combination of residential, tourist and industrial investment, known as the Benbulben Suites, in Sligo is for sale with a €2.5 million price tag.

They comprise two buildings, one of which accommodates 54 two-bedroom suites that generated turnover of €481,000 and a net profit of €186,000 in 2016. Agent Max Duffy of Colliers says the suites are currently run as serviced accommodation with a mixture of student accommodation and short-term tourist lettings. Units are not dedicated for either markets and are available for both types of clients all year round. This three- to four-storey building has a gross external floor area of 6,874 sq m (74,000 sq ft).

The industrial building extends to 1,114 sq m (12,000 sq ft) gross floor area, operates as a regional laundry for the HSE and is located to the rear of the Benbulben Suites. It has been occupied by the HSE since 1992 producing a rent of €63,000 per annum, which equates to €5.25 per sq ft, considered a healthy rent for an industrial property in the area.

Although the lease has expired, the tenants remain in occupation. Standing on about 1.5 acres, including a 51-space car park, access to the freehold properties is by way of an entrance off the Clarion Road, which is shared with the four star Clayton Hotel.

The whole complex, including the hotel, was developed in 2005 by Galway-based developer Tom Coyle and the Benbulben Suites were originally constructed to provide overflow and self-catering/family accommodation. In 2010, the 162-bedroom hotel, which then traded as the Clarion, was separated from the suites and industrial building.

In 2016, receiver Crowe Horwath sold the hotel for €13.1 million to the Dalata Group, which had been managing it.

At the time the hotel was described as one of the largest and most profitable hotels in the north-west of Ireland and represented a rare opportunity to acquire a unique landmark property. The hotel is not currently marketing the serviced Benbulben Suites. However, the proximity of the hotel's facilities - including restaurant, bar, swimming pool, gym and sauna - are one of the attractions for visitors to the suites.

Clarion Road runs between the N15 Sligo-Donegal Road and the N16 Sligo-Enniskillen Road, approximately 2 km north of Sligo town centre, and provides a strategic base for exploring Yeats Country and the north-west.

Sligo town is the second largest urban area in the province of Connacht, with a population of 65,393 according to the most recent census.

More than 7,500 students enrolled in its two third-level institutions - Sligo Institute of Technology and St Angela's College (NUI) - last year.

Meanwhile in Killorglin, Co. Kerry, The Bianconi Inn , a three-storey licensed premises, and restaurant with 16 guest bedrooms, is for sale through CBRE for €1.25m. It occupies a pivotal corner trading position in Killorglin, Co. Kerry. Operated by the Sheehy family since 1955, the property is steeped in history as it is named after Charles Bianconi, one of Europe's innovators in public transport, and is located on a former Bianconi stage coach route and the Ring of Kerry tourist route.