Paddy Power on Main Street in Maynooth
Paddy Power is selling off 14 of its outlets including one located in Maynooth, Co Kildare, for an estimated €6.3 million.
Irish sale and leaseback portfolio has been launched by Savills, which will give investors a chance to buy 14 long-established owner-occupied Paddy Power properties, the Irish Examiner is reporting.
The bookie shops are located in Maynooth on the Main Street, in Dublin at Upper Baggot Street, Parnell Street, Artane, Cardiffsbridge Road and Finglas Village, Crumlin, Ballymun and Clondalkin, Cork, Drogheda, Thurles and Tralee.
Savills is offering the entire portfolio in one single lot with a guide price of excess €6.3m. It said this equates to a net income yield of 7%.
It is understood that Paddy Power's parent company, Flutter Entertainment, will take a new lease on each property. Each lease will be for a term of 15 years with five yearly rent reviews and each lease will provide for a tenant only break option at the expiry of year 10 of the term.
The portfolio also includes the Paddy Power betting shop located at Cornmarket Street in Cork city centre.
Stephen McCarthy, head of general retail agency at Savills, said: “The Paddy Power portfolio offers the purchaser long-term market rent protection underpinned by an exceptional global plc covenant.”
All information in relation to the portfolio can be viewed in the dedicated data room, PPsaleandleaseback.com.