ONE OF the most unusual property investments to have been brought to the market in recent years – the Topaz petrol filling station at the Belgard Motor Centre in Tallaght, south Dublin – goes for sale today through agent DTZ Sherry FitzGerald.
Barry Cunningham of the agency is handling the sale on behalf of Tom Kavanagh, liquidator of the Belgard Motor Group.
Though no guide price is being quoted, sources in the motor trade suggest that it should make €3.5–€4 million.
The property is let to Statoil Ireland Ltd (now Topaz Energy Group Ltd) under a 35-year full repairing and insuring lease at a rent of €285,431 per annum. The 35-year lease from June, 2000, provides for five yearly upwards-only rent reviews. An unusual feature of the lease is that the yearly rent is payable a year in advance.
The property comprises a modern single-storey convenience shop and storage area extending to 136sq m (1,464sq ft) trading as Topaz Restore with a large filling station forecourt to the front. There are five fuel stations with a total of 14 pumps. The station has capacity for 80,000 litres of fuel.
Barry Cunningham says he expects good interest in the investment because of the stable long-term income stream. The lot size is attractive in the current market while the income length, combined with the strong covenant, meets lending criteria for the banks.
