Over €3m for Argos in Kilkenny city
Offers of more than €3m sought for High St building which has Argos as its only tenant
Argos pays an annual rent of €300,000 per annum for its Kilkenny store
Private investors who may have missed the opportunity to buy into a retail property in Dublin city centre will have the option of investing in an appealing building on Kilkenny’s vibrant High Street. Michele Jackson of agent TWM is inviting offers of more than €3.02 million for the modern building which is fully occupied by Argos at an annual rent of €300,000 per annum.
The 20-year full repairing and insuring lease was agreed in April 1997. The freehold property extends to 280sq m (8,400sq ft) and has rear access on to High Street. The pitch is strengthened by nearby retailers which include Boots, Monsoon, Jack & Jones, Wallis and Penneys.
TWM says the property will appeal to investors looking to add value to and secure high-yielding investment. The store was positioned to benefit from asset management initiatives and by regearing or reletting the unit and achieving yield compression. Even at the guide price of €3.02 million, the investment will show a net initial yield of 9.5 per cent assuming standard purchasers costs are 4.46 per cent.