Strong interest in Tralee service station guiding at €950k

Applegreen service station, Tralee, Co Kerry, is on the market for €950,000

A well-located Applegreen service station in Tralee, Co Kerry, situated in a high-traffic neighbourhood close to the town centre, has been placed on the market with a guide price of close to €1m.

The Fairies Cross Applegreen property, just 300m from Tralee town centre, is already attracting strong
investor interest, according to joint agents Johnny McKenna of CBRE and Ger Carmody of Ger Carmody Auctioneers.

The agents said the €950,000 guide price reflects a net initial yield of 9.27%, underscoring the property’s appeal as a high-yielding,
securely let investment.

Longterm tenant at the property is Petrogas Group Ltd, trading as Applegreen, who are on a 20-year lease from June 24, 2011.

The current passing rent stands at €96,800 per annum, with 5.7 years remaining on the lease. A rent review is due in June 2026.

Tenants are not affected by the sale.

Occupying a 0.58-acre (0.23-hectare) site at the junction of Brewery Rd and Oakpark Rd, the property comprises a service station and convenience store with forecourt and canopy, as well as 25 customer parking spaces.

The 1,722sq ft (160sq m) convenience store features a retail area, café seating, manager’s office, cold room, storage area, and staff facilities. The dual-frontage forecourt, with four double-sided fuel pumps, offers easy access and egress from both Brewery Rd and Oakpark Rd (R878).

The agents noted potential to extend the retail store, subject to planning permission, further enhancing the site’s value and functionality.

With its strong tenant covenant and prominent location, the property is already generating significant interest from private investors, the agents said.

“This is an excellent opportunity to acquire a high-yielding investment let to an exceptional tenant. It’s a very attractive lot size that will appeal to a broad range of private investors,” said Mr McKenna and Mr
Carmody.

The property is being sold by a private investor. The site has been home to a fuel station for circa 40 years.

DETAILS: Johnny McKenna: 087 6911279; email Johnny.mckenna@ cbre.com. Ger Carmody: 087 0551999; email ger@
gcauctioneers.ie