An investment property with a difference is due to go for sale today when agent Knight Frank seeks more than €6.3 million for a full-scale supermarket in Ashtown, Dublin 15, to be rented by the multinational discount retailer Aldi.
The investment is to be sold on behalf of Ballymore, which has already completed about 1,200 houses and apartments in the adjoining Royal Canal Park. The residential scheme is within a 10-minute walk of Broombridge Luas station and in due course will have its own rail station virtually opposite the Aldi store. Several other housebuilders are also involved in the Ashtown housing project, one of the fastest-growing in the Dublin suburbs.
The high-profile supermarket will extend to 2,445sq m (26,317sq ft) and include a shop, ancillary storage, offices and staff accommodation as well as passenger lifts and travelators. It will have parking for 75 cars.
The complex has been let to Aldi Stores (Ireland) on a 25-year lease with five-yearly rent reviews at an estimated initial rent of €412,320. The selling price of €6.3 million will generate a net initial return of 6 per cent after allowing for standard purchaser’s costs of 8.46 per cent.
Ross Fogarty of Knight Frank says the new supermarket will reach “practical completion” in November or December and open for business early in the new year.
Aldi will be seen as a secure tenant after accounting for 11.5 per cent of the Irish grocery market.
