Citywest filling station at €3.85m offers prospect of 10.5% yield

Investors seeking long-term income, an attractive yield, and the certainty of fixed rental uplifts will find all three with the sale of the high-profile Circle K filling station at Citywest in Dublin.

Shane Corby of Savills is guiding €3.85 million for the property, offering the potential purchaser the opportunity to secure a net initial yield of 6.75 per cent.

Fareplay Energy Ltd, trading as Circle K, has 15.7 years remaining on its lease – which will undoubtedly serve as an attractive proposition to investors, in addition to the annual rent roll of €283,204.

The incoming purchaser will also benefit from fixed 25 per cent rental uplifts in December 2024 and December 2029, reflecting net running yields of 8.45 per cent and 10.54 per cent respectively.

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Commercial data analysts Dun & Bradstreet has provided the tenant with a rating of 4A1 – one of the strongest financial strength indicators. The company reported a turnover in excess of €1.2 billion for the financial year 2018.

Built in 2004, the Circle K station at Citywest has a site area of about 0.31 hectares (0.76 acres) and occupies a high-profile location immediately off the N7/Naas Road, one of the key arterial routes to Dublin city centre. The Citywest Business Campus, a major employment hub in the area, is immediately adjacent to the property, where notable occupiers include SAP, Pfizer, Glanbia, Unilever, Colgate Palmolive, Adobe, Fidelity, GlaxoSmithKline and Eir.

The immediate Citywest area has expanded considerably in recent years and is currently the subject of substantial residential development.