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Buyer sought for Dealz store

A Dealz retail outlet at 19/20 Main Street Gorey, Co Wexford is for sale as an investment with a €1.175m price tag.

It is being sold on the instructions of Neil Bannon, receiver to some of the World of Wonder properties which this store formerly was.

The property has just been let on a new FRI lease to Poundland Ltd, trading as Dealz, on a 15 year lease at a rent of €115,000 per annum.

Rod Nowlan of Bannon says that at this rent the asking price would yield an initial return of 9.36pc and he expects strong interest in the investment given the town centre location, strong covenant and the lease terms.

Poundland are currently expanding in Ireland with a number of new lettings currently in the pipeline. The tenant had a global turnover last year of £633m.

Indo Property