LOT 1 LOT 2 BLOCK 1 LOT 2 BLOCK 2 For Sale by Private Treaty (IN ONE OR MORE LOTS) TESCO EXPRESS, & BLOCKS 1 & 2 ENFIELD, CO. MEATH
Investment Summary FOR SALE BY PRIVATE TREATY IN ONE OR MORE LOTS Lot 1 Tesco Express, Enfield, Co. Meath A modern supermarket investment Located in a prominent position on Main Street, Enfield Extending to approximately 379 Sq. m (4,079 Sq. ft) Let to Tesco Ireland Limited t/a Tesco Express for a term of 25 years from 01.07.2012 Wault 6.18 years Tenant break options in year 2022 and 2032 Passing rent 55,000 p.a. Net initial yield 7.8% Guide Price 675,000 Lot 2 Blocks 1 & 2, Market Yard, Enfield, Co. Meath A modern mixed-use bank-led investment Extending to approximately 917 Sq. m (9,874 Sq. ft) in total Multi let to various tenants to include: Bank of Ireland, J & S Pringle Opticians, St. Vincent de Paul, Enfield Fitness & Martial Arts Academy and Rock City Diner Wault 5.38 years Vacant possession of two office units Passing rent 99,000 p.a. with significant reversionary potential Net initial yield 9.5% Guide Price 1,000,000 Lot 3 The Entire Total passing rent 154,000 p.a. (Net initial yield 8.8%) Guide Price 1,675,000
Location The subject units are located in a prominent position on the Main Street in Enfield. Enfield is located approximately 41km from Dublin City Centre and approximately 17km from Maynooth. The town is located off Junction 9 on the M4 Dublin to Galway/Sligo motorway and is also serviced by bus and train. Situated on the bustling Main Street, the properties benefit from high volumes of passing trade throughout the day. There is a mixture of high-density residential and commercial activity in the area with residential housing being complimented by an abundance of convenience retailing in the locality. According to the 2011 census, Enfield has a population of 2,929 people. Surrounding occupiers include Streetside Café, Suds, The Salon, Supervalu, Lee s Enfield and The Hardware Express to name but a few. Block 2 Block 1 Tesco Express Main St FOR IDENTIFICATION PURPOSES ONLY. BLOCK 1 BLOCK 2
Lot 1 - Tesco Express, Main Street, Enfield, Co. Meath Description - This property was built circa. 2012 to allow for a modern supermarket arranged over ground floor and extends to approximately 379 Sq. m (4,079 Sq. ft). The unit is fitted to a high specification fronting onto the Southern side of the Main Street and also has the benefit of an off-licence, rear delivery access, off street parking to the front and 12 designated car spaces in the rear car park. Internal specification includes suspended ceilings, tiled floors, plastered and painted walls. Unit Floor Type Tenant Area Sq. m 1 Ground Retail Tesco Ireland Ltd t/a Tesco Express Area Sq. ft Term Yrs Commencement Break Date Expiry Passing Rent p.a 378.95 4079 25 01/07/12 30/06/22 30/06/37 55,000 Total Lot 1 378.95 4,079 55,000 *All parties should satisfy themselves as to the accuracy of the floor areas. Tenancy - The property is at present let to Tesco Ireland Limited t/a Tesco Express for a term of 25 years from 01.07.2012 at an annual passing rent of 55,000. The lease provides for rent reviews every fifth year (CPI linked) and contains break options at the end of the 10th and 20th years subject to 6 months prior written notice. An internal repairing and insuring covenant is provided for. Covenant - Tesco Ireland Limited is the Irish arm of supermarket group Tesco PLC and controlled 24.5% of the grocery market in Ireland as recently as of Q4 2015. Tesco Ireland is one of the biggest private sector employers in Ireland employing over 14,500 staff across the country in 149 stores.
Lot 2 - Blocks 1 & 2, Market Yard, Enfield, Co. Meath The Market Yard was constructed in 2006 and comprises of two separate commercial buildings extending to approximately 917 Sq. m (9,874 Sq. ft). Block 1 Description - Block 1 comprises 3 ground floor retail units and two retail/office units on the first floor. This block forms a complete parade of shops fronting onto the Northern side of the Main Street adjacent to the OPW building and opposite Tesco Express. The units currently provide for Bank of Ireland, the only bank in Enfield; St Vincent De Paul; Kasu Kids and Enfield Martial Arts. Covenant - Bank of Ireland was established in 1783 and is regarded as the leading pillar bank in the Republic of Ireland with a pre-tax profit of 1.2bn in 2015. Bank of Ireland employs over 11,300 staff. Block 1 Floor Type Tenant Area Sq. m Area Sq. ft Term Yrs Commencement Break Date Expiry Passing Rent p.a 1 Ground & First Retail Bank of Ireland 248.42 2673 25 21/10/09 21/10/19 20/10/34 38,800 Ground Retail St Vincent De Paul 78.97 850 10 01/11/13 31/10/23 10,200 **Ground Retail Sue Dunne & Kane Boyd T/A Kasu Kids 78.97 850 4yrs 9 months 01/05/11 31/01/16 12,000 First Retail James Buggle 139.35 1500 1 03/08/12 6,000 Total 545.71 5,873 67,000 *All parties should satisfy themselves as to accuracy of the floor areas. ** Sue Dunne & Kane Boyd T/A Kasu Kids will be vacating the property
Block 2 Description - Block 2 is located directly behind Block 1 in the Market Yard and comprises of two ground floor retail units with extensive glass frontage and two offices in shell and core condition on the first floor with interconnecting access. The ground floor units currently provide for J & S Pringle Opticians and Rock City Diner. The two shell and core units could be converted into two apartments subject to planning permission. The development has ample car parking facilities, it also provides access to a residential development, which, for the avoidance of doubt is not included in the sale. Block 2 Floor Type Tenant Area Sq. m 1 Ground Retail J. & S. Pringles Opticians Ground Retail Alifad Ltd T/A Rock City Diner Area Sq. ft Lot 3: The Entire The entire is for sale in one lot for 1,675,000 with a combined passing rent of 154,000 offering a Net Initial Yield of 8.8%. Term Yrs Commencement Break Date Expiry Passing Rent p.a 92.9 1000 25 10/10/06 09/10/31 17,000 92.9 1000 4yrs 9 months First Office Vacant 92.9 1000 - First Office Vacant 92.9 1000-27/02/15 26/11/19 15,000 Total 371.6 4,000 32,000 Total Lot 2 917.31 9,874 99,000 *All parties should satisfy themselves as to the accuracy of the floor areas.
Title Freehold VAT VAT is applicable on the sale Guide Price Lot 1 675,000 (NIY 7.8%) Lot 2 1,000,000 (NIY 9.5%) Lot 3 (The Entire) 1,675,000 (NIY 8.8%) Viewings Viewings are strictly to be arranged through sole selling agents Contact Brian Kelly Surveyor T: +353 (0) 1 637 5555 E: brian.kelly@qre.ie Bryan Garry MRICS MSCSI Associate Director T: +353 (0) 1 637 55 55 E: bryan.garry@qre.ie qre.ie BER Solicitors P&G Stack Solicitors Main St Maynooth Co.Kildare 01 6290900 PSRA Registration No. 001798 The agents on their own behalf and on behalf of the vendor/lessor of this property, give notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither the agents nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness.