A Spar outlet let on a new long-term lease in Glenageary is for sale at more than €3.4 million through agent Murphy Mulhall.

The south Dublin suburban retail investment – Unit 5, Glenageary Shopping Centre – comprises part of the ground floor of a two- and three-storey mixed-use development and extends to 239sq m (2,573sq ft).

It is let on a new 25-year lease effective from July 1st at an annual rent of €233,000 to Triode Newhill Leasehold Property Limited, trading as Spar, with BWG Foods as guarantor. The rent is fixed for 10 years with rent reviews thereafter on a five-yearly basis linked to the CPI.

The agent said the guide price and rent equate to a net initial yield of 6.31 per cent after standard purchasers costs of 8.46 per cent.