€2.7m for Belgard petrol station

A PRIVATE investor has paid €2.7 million for the Topaz petrol filling station at the former Belgard Motor Centre in Tallaght, Dublin 24, in an unusual deal which will show an initial yield of 9.6 per cent.

Belgard Motors closed in November, 2009, when it was declared insolvent with debts of €17 million.

Liquidator Tom Kavanagh of Kavanagh Fennell has since engaged estate agent DTZ Sherry FitzGerald to find buyers for the complex, which is being sold in four different parts.

The petrol filling station is let to Statoil Ireland Ltd – now known as Topaz Energy Group Ltd – under a 35-year full repairing and insuring lease at a rent of €285,432 per annum. The lease dates from 2000 and provides for five-yearly upwards only rent reviews. An unusual feature of the lease is that the yearly rent is payable a year in advance.

Michele Jackson, the DTZ investment director, said the sale of the investment underlined the continuing strong demand for high yielding opportunities with long income and lot sizes in the €3 million range. DTZ is believed to be close to agreement on the sale of the Belgard headquarters building to one of the top car brands.

A price in the region of €3 million is likely to be obtained for the 4,046sq m (43,550sq ft) building which is laid out as a showrooms on the ground floor and another showrooms and offices overhead. Unusually there are 125 car-parking spaces on the roof.

Separately, buyers are also being sought for another showrooms and valet centre and service, parts and body repair workshop.