Two filling stations rented by Topaz near Ashbourne, Co Meath, and Kilshane Cross, close to Finglas, Dublin, will be relaunched onto the market at €4.965 million, a year after they were first offered for sale at €5.175 million through Cushman & Wakefield. The two stations can also be bought separately.
The Coolfore Service Station near Ashbourne is expected to make in excess €3.365 million, equating to a yield of 8.52 per cent. In addition to the station, two showrooms and four workshop premises front on to the N2 national road 5km north of the start.
The investment produces rents of €311,040. Topaz occupies the front of the site at an annual rent of €282,240, with the rent reviewed to the higher of either a 20 per cent increase or linked to the Consumer Price Index every five years.
A further €28,000 is being generated from a car showroom and gym. Another showroom with a floor area of 302sq m (3,250sq ft) is currently vacant.
Cushman & Wakefield is also quoting in excess of €1.6 million for Kilshane Cross service station, on the former N2 Dublin to Ashbourne road. The property also includes a restaurant, trade counter and workshop.
The complex is fully occupied and rents for €174,456 per annum, equating to 10.05 per cent. The Topaz income accounts for €126,000 and will be topped up by a further 3 per cent fixed annual rent increase.
Based on the total selling price for the two stations, the new owner could bank on a net initial yield of 9.01 per cent.
John Carrigan of Cushman & Wakefield said he expected considerable interest in the high-yielding investment, with most of the income coming from a top-class covenant and further growth in the pipeline.
