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24/09/2021

Co Kildare business for sale at Allsop's final commercial auction of year

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A Co Kildare investment is likely to get considerable attention at the Allsop's final commercial auction of the year at the RDS on December 9th.

The Tesco Express store at Willow Court on Hazelhatch Road, Celbridge, is up for bidding.

A reserve price of €380,000- €420,000 has been set for the property, which has been leased by the UK multiple at a rent of €40,000 per annum.

The 25-year lease provides for a rent increase in year 10 linked to the consumer price index and breaks in 2020 and 2025. The initial yield will be 10.1 per cent.

This Co Kildare property will be for sale alongside the high- yielding Meakstown Shopping Centre in Finglas, Dublin 11.

A reserve price of €2 million-€2.4 million has been set for the centre which comprises five retail units, a creche, bar, restaurant and a gym. The nine units extend to 2,821sq m (30,364sq ft)and are all occupied, with the exception of the gym.Tenants include Boyle Sports, Hickey’s Pharmacy, Macari’s and Eurospar with a weighted unexpired average lease term at 12.69 years.

Although the reserved rent stands at €660,140, several rent abatements are in place and two tenants are not currently paying rent, reducing the passing rent to €342,311. This provides for a net initial yield of 16.38 per cent, with the potential to enhance the return further through active management of the vacant unit and the two others not paying rents

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