Bray retail sold for €742,500
Colliers International have sold a prime retail investment at No. 12 Main Street, in Bray, Co Wicklow, for €742,500.
The price, which equates to a net initial yield of 7.2pc after allowing for purchaser's costs of 4.46pc, was significantly higher than the €700,000 that was guided for the property.
Comenting on the sale, Stephen Conway of Colliers said: "The investment opportunity attracted strong interest from private investors. The long unexpired term of just under 10 years and the quality tenant, Tiger, added to its appeal."
The property delivers rental income of €56,000 per annum with an open market rent review due in year five. Other nearby retailers include AIB, Boots, Dealz, 3 and Dubray Books. The property is located within a short walk of two public car parks.