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.

Meanwhile, Ms McGarry acted for the buyers of Crescent Hall, on Dublin’s Mount Street, on behalf of a private Irish investor, which was disposed of by Savills for US-based portfolio purchasers Kennedy Wilson.

Crescent Hall has 505 sq m over four floors averaging 130 sq m, with six basement car spaces. It was bought for €2.8 m, or €5,544 psm, and is now available to let via Colliers.

Details: Colliers International, 01-6333700; Downing Commercial, 021-4271000