Agent Bannon is guiding €900,000 for a convenience store investment in Dublin city.
Located in a high-profile position immediately adjacent to the landmark Five Lamps, unit 1 Aldborough Court is occupied by Lilacglen Ltd, trading as Spar on a 25-year lease from December 22nd, 2005, with just over nine years unexpired.
The ground floor lock-up convenience store extends to 3,525sq ft and will provide an attractive yield of 9.1 per cent when the rent steps from €85,000 to €90,000 in 2023.
The lease is on a full repairing and insuring (FRI) basis, subject to a block service charge, and provides for market rent reviews every five years, the next of which occurs in September 2024. There is an excellent rent payment history.
The property is situated within a short walk of the city centre and the IFSC and is surrounded by numerous established residential and commercial amenities. These include both high and low-density housing, a variety of shops, restaurants, bars and cafes alongside established office users. It is conveniently located with ready access to a wide selection of public transport links including Connolly train station, Busáras, various Dublin Bus routes and Luas services.
Ros Tierney of Bannon says: “We expect to see significant interest from pension investors. This is a high-profile resilient property with a tenant who has performed strongly throughout the Covid-19 pandemic. The investment offers the purchaser an attractive yield and a long lease term”.
