Cork Aldi store for €2.75m

After a busy six months in the Cork property investment market, and a much increased demand for retail properties in particular, DTZ Sherry FitzGerald is to offer for sale the Aldi store at Westside Retail Park in Ballincollig, Cork.

The single-storey building in the centre of Ballincollig – the second store opened by the German discounter when it entered the Irish market in 1999 – is expected to make in the region of €2,750,000 when it goes to tender on November 27th.

The store is viewed as the anchor unit in a terrace of six adjoining buildings. It is leased to Aldi until 2024 at a current rent of €385,000 per annum. The lease allows for yearly upwards-only rent reviews.

The warehouse provides open-plan accommodation comprising a large retail unit, staff accommodation and a large store on the western side of the building.

It includes a single dock leveller to the rear of the unit. There is more than ample surface car parking to the front and side of the store.

Peter O’Flynn of DTZ views the sale as a “unique opportunity to acquire an investment let to an enviable covenant with a long unexpired lease term”.

Colleague Eoin Ryan says the property should appeal to a wide range of purchasers due to the strong rent and the "established retailing location on offer".