Buy Tesco in Terenure

With retail investments again in demand Knight Frank is quoting a guide price of €2.3 million for a newly developed supermarket in the Dublin suburb of Terenure let to Tesco for a Metro outlet.

Tesco is paying a rent of €150,000 per annum on a 25-year lease from September last with break options at the end of years 10 and 15. This equates to an unexpired term of 8.8 years. Rent reviews are every five years and are linked to the consumer price index. The purchaser will get €15,635 from two billboards.

The premises formerly traded as Quinlan’s bar and was entirely remodelled and renovated last year to facilitate the letting to Tesco. It has a ground floor retail area of 675sq m (7,265sq ft) with a further 360sq m (3,874sq ft) of space at first-floor level. The overall site extends to 0.179 of a hectare and can accommodate 33 cars. Tesco is one of the most sought after investment covenants in the Irish market.