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Developer Emma Maye's Ardale Property Group has completed the off-market sale of the Aldi supermarket in Rathnew, Co Wicklow for about €4.82 million.
Built on part of a 9.5-acre site, on which Ardale intends to develop a residential scheme, the subject property extends to 1,608sq m (17,308sq ft) together with 75 surface car parking spaces on a 0.81 acre site.
Aldi has taken a 25-year full repairing and insuring (FRI) lease, with a tenant break option in year 15. The passing rent is about €348,000 and is subject to five-yearly CPI index-linked rent reviews.
The purchase price represents a net initial yield of 6.56 per cent and a capital value of about €279 per sq ft. Details of the purchaser were not disclosed.
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Ardale have planning for 40 residential units on the next phase of this scheme and planning for 255 residential units on an adjacent site. Overall, more than 700 residential units will be built on the company’s landholding in the area.
Ardale's principal, Emma Maye, is a daughter of the late Liam Maye, the developer of Dundrum Town Centre, and the founder of Castlethorn Construction.
Clive Roche of Cushman & Wakefield acted on behalf of Ardale in the sale of the Aldi store in Rathnew, while David Carroll of Bannon acted for the purchaser.
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