Pound City makes £475,000 from sale and leaseback deal
Pound City has made a profit of £475,000 in a sale and leaseback deal on a retail premises at Nutgrove Shopping Centre in Rathfarnham, Dublin 14. The company acquired a long leasehold interest in the 2,200 sq ft premises from Tesco for £800,000. It sold the lengthy leasehold to a private investor for £1.275 million.
Pound City will now be paying a rent of £80,000 per annum on a 25-year lease with upwards-only reviews every five years. The investors will have a net initial yield of 5.79 per cent, according to Mr William Fennelly of Lisney.