McDonald’s drive-through restaurant in Lucan for over €1.77m
Property let to group on 35-year lease from 2005 is producing annual rent of €130,000
McDonald’s drive-through restaurant at Dublin Road, Lucan, Co Dublin: property extends to 311sq m (3,347sq ft). Photograph: Peter Moloney
An investment property with a difference – a McDonald’s drive-through restaurant at Dublin Road, Lucan, Co Dublin – comes on the market on Wednesday through Agents Cushman & Wakefield.
Jane Dolan of that agency is seeking offers of more than €1,770,000 for the property which will show a net initial yield of 7.03 per cent after allowing for standard purchaser costs of 4.46 per cent.
The property comprises a well-presented single-storey drive-through facility extending to 311sq m (3,347sq ft) which was extensively refurbished last April.
The property is let to the restaurant group on a 35-year lease from May 2005 at a passing rent of €130,000 per annum. The lease provides for five yearly upwards-only rent reviews based on the entire premises.
The most recent rent review in 2015 “was not actioned upon and time is not of the essence”, according to the selling agent.
The restaurant is located on the Dublin Road about 800 metres outside Lucan town centre, one of Dublin’s fastest-growing commuter suburbs and just off the N4 Dublin-Galway dual carriageway.
McDonald’s has more than 80 restaurants throughout the country which recorded sales turnover of almost €85 million in 2015.