TESCO EXPRESS, & BLOCKS 1 & 2 - ENFIELD, CO. MEATH For Sale by Private Treaty (IN ONE OR MORE LOTS)
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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
E N F I E L D , C O . M E AT H
Investment Summary
FOR SALE BY PRIVATE TREATY IN ONE OR MORE LOTS
Lot 1 – Tesco Express, Enfield, Lot 2 – Blocks 1 & 2, Market Lot 3 – The Entire
Co. Meath Yard, Enfield, Co. Meath Total passing rent €154,000 p.a. (Net
• A modern supermarket investment • A modern mixed-use bank-led initial yield 8.8%)
investment
• Located in a prominent position on
Main Street, Enfield • Extending to approximately Guide Price €1,675,000
917 Sq. m (9,874 Sq. ft) in total
• Extending to approximately
• Multi let to various tenants to
379 Sq. m (4,079 Sq. ft)
include: Bank of Ireland, J & S
• Let to Tesco Ireland Limited t/a Pringle Opticians, St. Vincent
Tesco Express for a term of de Paul, Enfield Fitness & Martial
25 years from 01.07.2012 Arts Academy and Rock City Diner
• Wault 6.18 years • Wault 5.38 years
• Tenant break options in year • Vacant possession of two office units
2022 and 2032 • Passing rent €99,000 p.a. with
• Passing rent €55,000 p.a. significant reversionary potential
• Net initial yield 7.8% • Net initial yield 9.5%
Guide Price €675,000 Guide Price €1,000,000
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 Area Term Lease Break Lease Passing
Sq. m Sq. ft Yrs Commencement Date Expiry Rent € p.a
1 Ground Retail Tesco Ireland Ltd 378.95 4079 25 01/07/12 30/06/22 30/06/37 €55,000
t/a Tesco Express
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 Floor Type Tenant Area Area Term Lease Break Lease Passing
1 Sq. m Sq. ft Yrs Commencement Date Expiry Rent € p.a
1 Ground & Retail Bank of Ireland 248.42 2673 25 21/10/09 21/10/19 20/10/34 €38,800
First
Ground Retail St Vincent De Paul 78.97 850 10 01/11/13 31/10/23 €10,200
**Ground Retail Sue Dunne & Kane 78.97 850 4yrs 9 01/05/11 31/01/16 €12,000
Boyd T/A Kasu Kids months
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 Area Term Lease Break Lease Passing
Sq. m Sq. ft Yrs Commencement Date Expiry Rent € p.a
1 Ground Retail J. & S. Pringles 92.9 1000 25 10/10/06 09/10/31 €17,000
Opticians
Ground Retail Alifad Ltd T/A 92.9 1000 4yrs 9 27/02/15 26/11/19 €15,000
Rock City Diner months
First Office Vacant 92.9 1000 -
First Office Vacant 92.9 1000 -
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.
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%.
Title Contact
Freehold Brian Kelly
Surveyor
VAT T: +353 (0) 1 637 5555
VAT is applicable on the sale E: brian.kelly@qre.ie
Guide Price
Bryan Garry
Lot 1 €675,000 (NIY 7.8%) MRICS MSCSI
Lot 2 €1,000,000 (NIY 9.5%)
Associate Director
Lot 3 (The Entire) €1,675,000
(NIY 8.8%) T: +353 (0) 1 637 55 55
E: bryan.garry@qre.ie
Viewings
Viewings are strictly to be arranged
through sole selling agents 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.
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