Business Irish

Monday 26 June 2017

Aldi seals €3m deal for store site in Clonee

Donal Buckley Commercial Property Editor

Aldi, the discount retailer, has bought a 1.5 acre site in Clonee, Co Meath, for around €3m, from Shelman Properties.

The site has received planning permission for a 1,670sqm discount store as well as a 525sqm block with a retail store, GP's surgery, 200sqm of offices, and a 125sqm apartment. It also has permission for a surface car park with 95 spaces.

Aldi will start construction in the near future and hopes to open the store, employing 20 people, early next year.

Shelman, whose directors are Joseph Gormley and Peter Dwyer, also developed the nearby Clonee Court residential development in 2001, and have also developed a number of other housing developments in the greater Dublin area including: The Gallery, Turvey Walk, Donabate; and Amberwood, Mulhuddart, Dublin 15.

Price

Aidan Hora of Hora Property Consulting acted for Shelman on Aldi's Clonee deal and Tim McMahon of Allen and Townsend acted for Aldi.

The price of Aldi's Clonee site works out at around €2m an acre which is keener than the €3.4m an acre which Aldi recently paid for another 1.5 acre site in Bray, Co Wicklow.

While it has about 70 stores around the country, Aldi's only existing south Dublin store is in Nutgrove, Rathfarnham.

It recently submitted a planning application for a new store at 82-84, Terenure Road East, Dublin 6.

Mr Hora points out that the Clonee sale is one of the few development land sales in the greater Dublin area in the last 18 months. "It will no doubt be of interest to NAMA, bankers and developers who are desperately seeking evidence for market transactions from which to accurately assess the value of loan security," he adds.

Aldi has also agreed a deal with the receiver of the Fleming group to take a unit in the Boulevard development in Sandyford Industrial Estate.

Meanwhile, Bord Pleanala recently granted the firm permission for a store at Tonbwee, Castleisland, Co Kerry.

Irish Independent

Promoted articles

Also in Business