Investments on the market in Naas and Dublin
AN Applegreen Service Station investment in Co Kildare is among the investment properties recently brought to the market through agent Coldwell Banker.
Located on the Sallins Road, Naas, the service station will have an initial rent of €130,000 a year, which at its €1.9m guide price equates to an initial gross yield of 6.84pc. This will rise to €145,000 in 2021, and from 2026 there will be rent reviews every five years at market rents. The 21-year lease dates from October 2016, with no break until October 2031.
Sitting on a plot of about one acre, the two-storey building accommodates a 270 sq m convenience store with off-licence, a deli with seating area, toilets and ATM. It also has storage space on its first floor. The site also has a self-service Launder-Mat, Parcel Motel, automatic truck refuelling, stores, workshop, office and staff facilities, a forecourt with four double-sided pump terminals, auto and manual double-bay car-wash systems, valeting and space for customer parking.
The same agent is guiding €300,000 for a ground-floor coffee shop let to Insomnia at Unit 1, Middle Gardiner Street, Dublin 1. Extending to 246 sq m, its 20-year lease dates from December 2018 with a rent of €25,000 in the first year, rising to €30,000 a year thereafter, with five-year reviews. This suggests a 10pc gross yield from the start of next year. The tenant has a break option at any time, subject to a month's notice.