French investor acquires Rathfarnham retail scheme for over €10 million
Site is fully let to Tesco Ireland Limited on a 20-year full repairing and insuring (FRI) lease with an annual passing rent of €477,600 with rent reviews every five years
Print22 June 2022
French investor Iroko Zen has paid €10.14 million for a newly built and fully let retail scheme developed by Ardstone in south Dublin.
Situated on Stocking Avenue in Rathfarnham, The Irish Times reports the White Pines retail centre, includes a purpose-built supermarket and a three-storey creche building located on a 1.98 acre (0.804 hectare) site. This forms part of a major residential scheme developed by Ardstone featuring a mix of one- to four-bedroomed units catering for up to 636 families on an overall site of 36.3 acres (14.7 hectares).
The supermarket extends to 1,470.9sq m (15,833sq ft) and is fully let to Tesco Ireland Limited on a 20-year full repairing and insuring (FRI) lease with an annual passing rent of €477,600 with rent reviews every five years.
The purchase price of €10.14 million will provide Iroko Zen with a net initial yield of 5.28% and, allowing for break options, a weighted average unexpired lease term of 9.8 years.
Tesco Ireland announced in January that it would invest €5 million and create 60 new jobs with the opening of the new environmentally friendly store at White Pines.
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