With service stations among the retail outlets which are open during Covid lockdown the sale of the Applegreen service station at Clonsilla Road, Dublin, will provide an interesting test of the market.
Savills are quoting €3.5m for the property which is let to Petrogas Group Limited, a subsidiary of Applegreen plc.
Its annual passing rent of €277,319 equates to a 7.21pc net initial yield and its lease provides for open market or CPI upward only rent reviews in 2025 and 2030. Its lease has almost 14 year to run.
Set on a 0.5 acre site, the property includes a retail building extending to a gross internal area of about 135 sq m (1,454 sq ft) together with a forecourt and canopy, four double-sided petrol pumps, car wash, and parking facilities.
The retail building provides a general shop area, Subway delicatessen counter and staff areas fitted out by the tenant including tiled flooring, spot lights and air conditioning.
Applegreen Clonsilla occupies a prominent pitch on the Clonsilla Road close to the busy Ongar Distributor Road, Clonsilla Train Station and Blanchardstown Shopping Centre.
In December Applegreen announced agreement had been reached on its sale to BidCo, a company formed by Applegreen founders Robert Etchingham and Joseph Barrett and Blackstone investment group. The deal valued Applegreen at €718.1m.
As of last June Applegreen operated 559 sites, in the US, Ireland and the UK.
In September the firm reported a strong recovery in sales volumes.