Parnell Street investment with Aldi as tenant sells for €5.8m
Igal Ahouvi has also bought an Aldi in Sandyford and a Tesco in Roscrea
Aldi on Parnell Street: The current rent of €386,500 works out at €2.7per sq m (€29 per sq ft)
The Israeli businessman Igal Ahouvi, who has been active in the Irish property investment market in recent years, has sold the Aldi supermarket investment in Dublin’s Parnell Street for €5,825,000. The deal, negotiated by investment agents TWM, will give a private investor a net initial yield of 6.3 per cent.
The lease on the premises is guaranteed by Aldi’s UK parent company and has an unexpired term of 8.75 years.
The current rent of €386,500 works out at €2.7per sq m (€29 per sq ft). The supermarket extends to 1,207sq m (13,000sq ft) and is located beside the entrance to the Ilac Centre and close to Penneys and Burger King. Ahouvi bought the supermarket in 2011 for €4.55 million.
Selling agent Seán O’Neill of TWM said interest in the supermarket came mainly from private investors looking for a secure hassle-free investment with an attractive return relative to deposit rates.
In recent years Ahouvi has also bought an Aldi supermarket investment in Sandyford for €7.7 million and similar Tesco investments in Roscrea for €12.5 million and Gorey for €21 million.