Enfield investments on the market at €1.675m

Tesco supermarket and Blocks 1 and 2 at Market Yard for sale

Blocks 1 and 2 at Market Yard
Blocks 1 and 2 at Market Yard

A modern supermarket investment and two high profile blocks which are multi-let to a bank and other traders at Main Street, Enfield, Co Meath, go for sale today through QRE Real Estate Advisers.

The agency is guiding €675,000 for the first lot, a 379sq m (4,079sq ft) supermarket let to Tesco for a term of 25 years from 2012 with a break option in 2022. The UK multiple is paying a rent of €55,000 per annum which will give the purchaser a net initial yield of 7.8 per cent.

QRE is also quoting €1 million for Blocks 1 and 2 at Market Yard which date from 2006 and extend to 917sq m (9,874sq ft).

Tesco, Enfield: guiding €675,000
Tesco, Enfield: guiding €675,000
Blocks 1 and 2 at Market Yard
Blocks 1 and 2 at Market Yard

The tenants include Bank of Ireland, J &S Pringle Opticians, St Vincent de Paul, Enfield Fitness & Martial Arts Academy and Rock City Diner who pay an overall rent of €99,000 per annum.

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The bank contributes €38,800 for 248sq m (2,670sq ft) in part of the ground and first floors of Block 1 under a 25-year lease from 2009 with the next break option in 2019. A purchaser can bank on a net initial yield of 9.5 per cent.

QRE is prepared to sell the two investments either separately or as one lot.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times