College Green building hosting Tesco sold for €4.65 million
As the retail investment market in Ireland continues to see improvement, the building hosting the Tesco Express in College Green in Dublin has been sold for €4.65 million.
13 July 2018 | 0
The building which hosts the Tesco Express in College Green, Dublin, has been sold for €4.65 million.
In March of this year it was announced that the premises would go on sale, with agent TMW requesting a price in excess of €4.1 million.
Tesco rents the two bottom floors of the building at a rate of €62,000 for 386 square meters, with an option to break in 2022, the Irish Times reported.
The grocery chain shares the space with IT solutions, which occupies the five floors above the ground and basement levels.
The building was purchased by the MacGroup, which specialises in providing construction, fit-out and refurbishment services, and have headquarters in Newry, county Down.
Lorraine Higgins, chief executive of Retail Excellence noted that retail, with over 282,000 employees, is the largest private industry employer in the country, and that over the last number of years sales trends have been on an upward trajectory.
“Demand for stores in prime locations continues to attract a large degree of interest which is borne out by the recent sale of the Tesco building on College Green for €4.65 million,” she said to ShelfLife, commenting on the sale.
“We can expect to see demand increase in such areas in the foreseeable future as the economy continues to grow and we move closer to full employment.”
Commenting on the expansion of retail in Ireland, Thomas Burke of Retail Ireland welcomed growth but cautioned that it may present certain difficulties for some businesses going forward.
“The city centre in Dublin is challenging for a number of reasons,” he said, speaking to ShelfLife. “Generally the input costs for retailers are going up, and rents are going to be increasing too, which could be difficult for some businesses.”