Tesco rent’s an Extra

A RECENTLY let, double-tenanted building on Cork’s suburban Douglas Road, by St Finbarr’s Hospital, is up for sale as an investment, for €1.5m.

Tesco rent’s  an Extra

The former garage of Douglas Renault was bought three years ago by Dublin-based Monti Consultancy, for a reported €700,000, and they got full planning for a Tesco Express convenience shop, plus pharmacy. Both leases are only a few months old, at current rent levels, and, combined, the property is producing an annual rent of €103,000, say John Downing and Anthony Quinlan, of Downing Commercial.

The investment property is a single-storey, detached building of 5,390 sq ft, on just over half an acre, with very good forecourt and rear parking, and is 100% occupied on two 25-year leases.

Tesco Express has traded very well since opening prior to Christmas, and the second tenant is Fleming’s Pharmacy, a local business with a 50-year pedigree, which relocated from smaller premises closer to High Street. Also nearby is Bellair estate, the Cross Douglas Road, and several schools, 1km from the city.

It’s for sale by tender on April 10.

Meanwhile, a Dublin investment, with a Tesco store as tenant, in Terenure, has just sold after competitive bidding. The 7,200 sq ft Tesco Metro store, with 3,800 sq ft overhead (previously a bar called Quinlan’s ) sold for circa €3m via Knight Frank, and has been bought by a private investor for a 5.25% return, on a rent of €150,000 pa.

Details: Downing Commercial, 021-4271000.

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