A B&Q store in Liffey Valley, Dublin, has been put up for sale through Savills and JLL.
The 119,213 sq ft store – which was B&Q’s first in Ireland when it opened in 2002 and is its flagship property in the country – is being offered with an asking price of €26m (£23m). The sales price reflects a net initial yield of 7.07% and a price of €218 per sq ft.
The asset, which also includes a 29,000 sq ft garden centre, builder’s stores and a service yard, is single let to B&Q on a 25-year upwards-only FRI lease from 27 March 2002. B&Q currently pays a rent of €2.02m per annum (€18.80 per sq ft). The property is on a standalone 9.26-acre site with its profile directly on to the M50 orbital ring road to the east. It adjoins Liffey Valley Retail Park to the west and Tesco Extra to the north.
The property is one of the largest retail warehouses in the country and due to current planning restrictions, retail warehouses of this size are no longer permitted. Under retail planning guidelines there is a restriction on large-scale single retail warehouse units in excess of 64,583 sq ft, placing substantial limitations on the future development of competing retail warehouse units of this size within the Dublin market.
Salix, the Bank of Ireland pension fund, and Hibernian forward funded the property in 2001.
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