Developer Sean Mulryan's Ballymore has secured just under €6.3 million from the sale of a long-term secure supermarket investment at its Royal Canal Park scheme in Dublin 15.
The buyer of the property, an Irish family office, is expected to achieve a net return of approximately 6 per cent on the property which will be occupied by Aldi on a long-term lease. The sale of the building was brokered by agent Knight Frank.
Extending to 2,445sq m (26,318sq ft), the subject property briefly comprises a retail store, ancillary storage, offices and staff accommodation along with passenger lifts and travellators. There is also a dedicated provision of 75 car parking spaces made up of 52 under-croft and 23 surface spaces.
The building is fully-let to Aldi Stores (Ireland) Limited on a 25x5 year FRI (full repairing and insuring) lease at an estimated passing rent of €412,320 per annum. Aldi currently accounts for 11.5 per cent of the Irish grocery market and represents a very strong and secure covenant.
Royal Canal Park forms part of the wider expanding suburb of Ashtown in Dublin 15, which has seen considerable residential development from some of the country’s most established house builders in recent times. The area boasts a catchment of more than 108,000 people within a 10-minute drive and a total weekly expenditure of over €31 million.
