Tesco Express in Bray checks out in €2.7m sale

A Bray Tesco Express sale has closed out for €2.7m, indicating a net initial yield of 8.6%.

It came just before a tender date for another Tesco Express investment sale, in Cork, passed last week with agents Downing Commercial where a Douglas Road investment had a €1.5m guide; no details have yet emerged on that sale.

The Boulevard Co Wicklow investment has a passing rent of €242,850 pa, with Tesco paying €120,000 pa (49%). Some 90% of total income is from Government agencies and Tesco, who are on a 25-year lease from 2010, with a break in 2024, said Michele McGarry of Colliers International, for KPMG and Green Property Asset management. The buyer is a private Irish investor, represented by Aidan Scully of Investi who is now seeking to let the vacant first floor.