Spar, Five Lamps, Aldborough Court, D1

Sold

Spar, Five Lamps, Aldborough Court, D1

Investment Opportunity For Sale Via Offr Auction

High Volume pedestrian and vehicular intersection
Ground floor Retail Convenience Store with Off-Licence
The unit extends to 3,525 sq.ft. GIA
25 year lease from 2005 (9.5 years unexpired)
€85,000 p.a. rising to €90,000 p.a. (8.6% – 9.1% NIY)
For Sale by Digital Auction with Offr (15th October 2021)

Location & Transportation

The unit is situated in a high-profile location beside the “Five Lamps”, Dublin 1, and is a short five-minute walk from Dublin City Centre and the IFSC. The property is surrounded by an abundance of established residential and commercial amenity to include high- and low-density housing, a wide variety of shops, restaurants, bars and cafes alongside established office users.

It is conveniently located with easy access to numerous public transport links such as Connolly Train Station/Busarus, various Dublin Bus routes and Luas services.

The Property

The unit forms part of the Aldborough court mixed-use development. The Subject unit comprises the ground floor convenience store, trading as Spar and extends to 3,525 sq.ft. GIA. The unit is laid out to provide an off-licence, delicatessen counter and back of house storage. The uppers floor apartments do not form part of the sale.

Tenancy

The property is occupied by Lilacglen Limited t/a Spar on a 25-year lease from 22nd December 2005 with approximately 9.5 years unexpired. The passing rent is €85,000 p.a. rising to €90,000 p.a. in September 2023 (excl. VAT). The lease is on a full repairing and insuring basis, subject to block service charge, and provides for market rent reviews every 5 years, the next of which occurs in September 2024.

Guide Price

€900,000 reflecting a Net Initial Yield of 8.6% rising to 9.1% in 2023. Standard purchasers costs of 9.96% are deducted.

Title

The Unit is held by way of a 335 year lease from 1st January 2004.

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