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.

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.