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Dublin city supermarket achieves price of nearly €6m

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Aldi on Parnell Street.

Aldi on Parnell Street.

Aldi on Parnell Street.

Israeli investor Igal Ahouvi has paid nearly €6m for a supermarket in the heart of Dublin city.

The businessman has forked out €5.83m for an Aldi on Parnell Street (pictured) in Dublin 1.

Investment agents TWM acted on behalf of Israeli Igal Ahouvi.

The sale price will provide the purchaser with a net initial yield of some 6.3pc.

The lease is guaranteed by Aldi's UK parent company and had an unexpired term of eight years and nine months.

The current rent is €386,500 per annum and rent reviews are upwards only. With a floor area of just over 13,000 sq.ft the rent breaks back to approximately €29 per sqft.

The property is located beside the entrance to the Ilac centre and with Penneys, Burger King and Smyths Toys also located closeby. According to TWM, who were the selling agent on the property, this is a vibrant city centre commercial area with high density residential in the immediate vicinity also making this an ideal supermarket location.

Sean O 'Neill of TWM stated that interest was mainly from private investors seeking a secure hassle free investment with an attractive return relative to deposit rates.

Mr Ahouvi has already purchased several retail units around Dublin in recent months.

Indo Business