An interesting suburban retail investment comes on the market today with the planned sale of a newly opened Tesco Express at Glasnevin Avenue in Dublin 11. The rent roll of €83,417 will provide a return of almost 10 per cent.
Nigel Kingston of Douglas Newman Good Commercial Property is to seek offers in excess of €800,000 for the two-storey building which previously traded as a licensed premises.
It has since been remodelled and fitted out to a high standard to provide more than 336sq m (3,616sq ft) of retail space on the ground floor and 302sq m (3,250sq ft) of ancillary accommodation overhead. A surface car park to the front and rear has 26 spaces and a rear service access via a laneway off Grove Park.
The store is located at a prominent corner site at the junction of Glasnevin Avenue and Grove, close to Dublin City University. It forms part of a retail parade that includes McCabe's Pharmacy, Spar, a butcher's shop and a medical centre.
The building is let to Tesco under a 25-year lease from July 2013, at a rent of €63,000 a year. The tenant has a break option at the end of years 10 and 15. The five-yearly rent reviews will be linked to movements in the Consumer Price Index. In addition to the rent, the new owner will also earn €20,417 from allowing two phone masts on the building.
