Millennium Park filling station guiding at €4.75m offers 6% yield

The sale of a newly-constructed filling station let to Applegreen offers investors the opportunity to secure an attractive net initial yield of 6 per cent and secure rental income over 25 years.

Located at the high-profile Millennium Park corporate campus in Naas, Co Kildare, the subject property is being offered to the market by agent CBRE at a guide price of €4.75 million.

The filling station premises extends to 393sq m (4,230sq ft) and sits on a 1.41-acre site. The property comprises a forecourt and canopy, four double-sided petrol pump terminals, a car and jet wash, as well as HGV fast-fill pumps.

Internally the station is fitted out to Applegreen’s required high specification, and incorporates a Bakewell Café, a Burger King and delicatessen, as well as a general shop and seating area.

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The service station is let to Petrogas Ltd t/a Applegreen on a 25-year lease subject to rent reviews in line with the consumer price index.

The annual rent for the first two years is fixed at € 270,000, reverting to €310,000 per annum for years three to five and thereafter. There is a tenant break option at years 15 and 20.

Petrogas is a growing Irish company that operates over 193 service stations across Ireland with a growing presence in the UK and US being driven by revenue growth.

The retailer experienced a 33 per cent increase in gross profit in 2018, with EBITDA up 17 per cent to €19.3 million.

Extending to over 300 acres, Millennium Park benefits from a high volume of traffic thanks to an excellent tenant mix which includes Kerry Group, the HSE and AIB.

The scheme is located on a corner site, and has direct access to the M7 via the new interchange as well as the M9/M7/M4 national traffic arteries.