ANOTHER INVESTMENT with a top class covenant – Tesco – on St Agnes Road in Crumlin, Dublin 12, goes on the market today.

DTZ Sherry FitzGerald is seeking in excess of €700,000 for the “Express” store close to the Ashleaf shopping centre, which is being sold on the instructions of liquidator Michael McAteer of Grant Thornton. The current rent of €85,000 will show an initial yield of 11.62 per cent. The next rent review is in 2014.

The 296sq m (3,190sq ft) store, with additional space overhead for storage and staff facilities, is let to Tesco Ireland Ltd on a 25-year lease from July 2009, with five-yearly rent reviews linked to the Consumer Price Index. Tesco has break options in years 10 and 15.

Patricia Ward of DTZ said she expected good interest in the investment because of the secure income, the strong trading pitch and the fact that the property had been rebuilt in 2007.