Saturday 21 April 2018

Two Wexford properties guiding more than €2m

Colliers is quoting €1.2m for this service station in Co Wexford
Colliers is quoting €1.2m for this service station in Co Wexford
Peter Flanagan

Peter Flanagan

Colliers is selling two Wexford with a combined asking price of just over €2m.

Colliers has been instructed to dispose of a large bulky goods retail premises leased to Grafton Merchanting currently trading as Heiton Buckley.

The property comprises a large L shaped commercial building measuring 26,085 sq ft fitted out as a DIY store with a trade counter and ancillary storage. There is a one acre secure yard to the rear with a separate detached building measuring 3,075 sq ft currently used for storage, there is also ample customer car parking to the front of the unit.

The property is held under a 10 year lease to Grafton Merchanting ROI Limited from the July 2012. The passing rent is €115,000 per annum.

The property is located within the Knockmullan Retail Park on the south eastern edge of Gorey Town, approximately 200m from Gorey Shopping Centre.

The property is on the market for €1.1m which equates to a net initial yield of 10pc after allowing for standard purchasers costs of 4.46pc and a capital value of €37.72 per sq ft.

Meanwhile, Colliers is also seeking a buyer for a service station leased to Petrogas Group, currently trading as Applegreen, Courtown Road, Gorey, Co Wexford.

The property comprises a refurbished service station on a site measuring 0.37 Acres, the service station includes four double sided petrol pump terminals under a canopy with an automated car wash and service bay. There is a shop and delicatessen measuring 1,727 sq ft.

The entire property is held under a 25 year lease to Petro Gas Group Limited trading as Applegreen from the July 2005. The passing rent is €150,000 per annum and there is a break option at the end of year 15.

Applegreen operate 77 sites, which represents 14pc of the motor fuel market in the Republic of Ireland. According to the 2015 Annual Report, the group increased revenue by 15.4pc to a little over €1bn in 2015 with an adjusted operating profit of €28.9m which is a 25.7pc increase on 2014 figures.

The property is located adjacent to a roundabout on the Courtown Road, located approximately 350 metres from Gorey Main Street

Colliers is quoting €1.2m which equates to a NIY of 12pc after allowing for standard purchasers costs of 4.46pc.

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