Good opportunity to express interest in retail investment

A Dublin 8 retail investment let to Tesco Express is on offer at a c 7% net initial yield. Michelle McGarry of Colliers International seeks offers around €1.6 million for the ground floor investment at 51/52 Thomas Street, Dublin 8, close to the Meath Street junction near NCAD and St James Hospital.

It has a current rent of €118,000 and has ten years to run to a tenant break option, on a 25-year lease from 2010.

It is one of 146 Tesco stores in Ireland and despite declining market share currently controls 26% of the county’s supermarket retail spend.

“The opportunity will appeal to investors looking for an easily managed commercial investment from a Blue Chip tenant,” says Ms McGarry.

Meanwhile also offered via Colliers is a modern office investment, also in Dublin 8, where the 19,500 sq ft VistaTEC House, at 700 South Circular Road, generates rents of €437,225 pa from two tenants, Beamish and Crawford paying €137,225 pa for 4,250 sq ft (with two unexpired years left on the lease) and VistaTEC, who occupy the upper floors.

There’s a further 1,800 sq ft unlet at ground level and if let at €321,000 pa the net initial yield of 9% would rise to 9.6% on the guide price of €4.65m.

Details: Colliers International 01-6333700


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