Retail warehouse in Letterkenny for sale for €3.7m
Investment now occupied by Currys PCWorld and Crown Paints has net yield of 11%
Good interest is expected in the Letterkenny retail warehouse given the income yields on offer and the proximity to Letterkenny Retail Park
The Currys lease, worth €388,000 annually, has the added benefit of a fixed rental uplift at the next rent review in 2019, which will see the rent go up by 15.9 per cent. This will increase the income yield to more than 12.6 per cent.
Crown Paints has occupied its unit since 2004, and pays a rent of €40,000 per annum. The company will have rights to a new lease when the present arrangement expires in 2019.
David Carroll of Bannon said he was expecting good interest in the investment given the attractive income yields on offer and the proximity to the vibrant Letterkenny Retail Park. Tenants there include M&S, H&M, TK Maxx, Boots and River Island.