Paddy Power premises could be a good bet with 8.40% return
Bannon is selling for €950,000 what it describes as a “nice compact Paddy Power investment” in the centre of Shankill Village in south Co Dublin.
Paddy Power is paying €83,400 a year for nine years of certainty on the lease term with upwards-only reviews. A purchaser at this level could bank on an immediate return of 8.40% after standard acquisition costs are deducted.
The shop, which has been trading for over a decade, is between Brady’s of Shankill and a Spar store.
The “lock up” unit extends to 146 sq.m (1,571 sq.ft) and the lease is guaranteed by Paddy Power Betfair, a listed company on the FTSE 1009 index with over 600 outlets across Ireland and the UK.
Alex Patterson from Bannon expects “good interest in the asset given the covenant profile and the prominent position of the building in the heart of the village.
Article in the Irish Times
