Tesco unit in Dublin 8 hits the market for €1.6m
The ground floor unit extends to 385sq m (4,147 sq. ft.). The store has been fitted out by Tesco to a corporate "Tesco Express" fit out.
According to the agents, the property is said to be enjoying strong footfall with over 10 years unexpired to the break option and over 20 years to lease expiry. The unit is currently producing €118,000 per annum in rental income.
Colliers say the opportunity will appeal to investors looking for an easily managed commercial investment from a "blue chip tenant".
The property is located on Thomas Street close to its junction with Meath Street, less than 2km from Dublin city centre. The area is a hub of activity with a wide range of amenities in the surrounding area including bars, restaurants, cafes together with Vicar Street, the National College of Art & Design (NCAD) and St James Hospital.
The property is let to Tesco Ireland Limited on a 25 year lease subject to five yearly upward only rent reviews from 1st January 2010. There is a tenant break option at the expiration of the 15th year of the term. The Rent Reviews at 6th and 11th years are upward only and the reviews thereafter are subject to CPI.
Tesco entered Ireland in 1997 and currently operates 146 stores nationwide. Tesco employs more than 15,000 people in Ireland and is one of the most sought after investment covenants. Tesco Ireland Limited is the IRL arm of Tesco and controls 26pc of the grocery market.
While Tesco's recent struggles in the UK have been well documented, the retailer remains a strong and constant presence in Ireland.
source: www.independent.ie
