Agent Cushman and Wakefield is guiding a price of €1.15 million for a retail investment opportunity in the commuter-belt town of Ratoath, Co Meath.
The investment, which is let to Tesco Ireland and trades as a Tesco Express, forms part of Riverwalk Court, a mixed-use scheme comprising apartments, offices and retail situated just off Fairyhouse Road.
Located on the ground floor of Riverwalk Court, the subject property has a gross floor area of 375sq m (4,038sq ft) and is laid out as an open-plan retail unit along with staff facilities, a stockroom and back-of-house storage. The store has direct access from the surface-level car park to the front of Riverwalk Court.
The property is leased to Tesco Ireland Ltd on a 25-year lease from December 2003 (expiry November 2028) with a passing rent of €88,000 per annum. Tesco Ireland has operated in Ireland for more than 25 years and has 177 stores in Ireland with about 13,000 staff. Turnover for year-end 2024 was €3.26 billion and the company has net assets of €1.47 billion.
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Should a sale of the property proceed at the guide price of €1.15 million, the new owner would be in line for a net initial yield of about 7 per cent after deducting standard purchaser’s costs of 9.96 per cent.
Peter Love of Cushman & Wakefield says: “This is an excellent opportunity to acquire an income-generating convenience store investment with an exceptional covenant in a thriving and growing town. Given its strong rental profile and highly accessible location, we’re expecting interest from a variety of purchasers in this investment.”
