A 4,522 m2 store occupied by SuperValu, Ireland’s largest supermarket chain, has been placed on the market for sale with a guide price of €27 mln, representing a Net Initial Yield of 6.1%, which is set to increase upon rent review in September.
Property advisor Savills, has been appointed to sell the investment property, which is located within Pavilions shopping centre in Swords – North Dublin’s largest retail destination with 96 retail shops and restaurants, an 11-screen cinema and 2,000 car parking spaces.
The property is let to Musgrave Operating Partners Ireland Limited (A-rated Covenant) – trading as SuperValu – on a 25-year lease from September 2005 [leaving a weighted average unexpired lease term of 10.28 years] and generates a rent roll of €1,814,616 per annum – subject to a rent review every five years which are open market or CPI, whichever is greater.
SuperValu operates in over 223 locations throughout Ireland.
