SAVILLS IS seeking in the region of €4.2 million for an investment property occupied by Argos Distributors (Ireland) Ltd in the Ilac Centre in Dublin 1. The investment will show a return of 7.9 per cent after costs.
The premises extends to 885sq m (9,526sq ft) and has retail use to the front with storage, office and staff facilities to the rear. The unit is let to Argos on a 25-year full repairing and insurance lease which has another nine years to run. The current rent of €350,525 is subject to five-year reviews on an upwards-only basis.
The Argos store is on the Western Mall and provides access to the Ilac Centre from Parnell Street.
Adjoining traders include McDonald’s, Meteor, Burger King and Holland Barrett.
Sarah Dillon of Savills, who is handling the sale, says she is expecting considerable interest in what is a unique opportunity to acquire a retail investment within Dublin’s prime shopping district, particularly as it involved a successful international retailer.
