Agent Cushman & Wakefield has been instructed by JOM Investments, a company linked to the Cosgrave family, to find a buyer for Unit 2 at the Ivy Exchange on Parnell Street in Dublin city centre. The subject property comes for sale fully let to supermarket giant Tesco Ireland and is guiding at a price of €6.925 million, exclusive of VAT.
Developed by the Cosgrave Property Group in 2006 as part of the wider, mixed-use Ivy Exchange, Unit 2 comprises ground and mezzanine floor accommodation extending to 1,517sq m (16,325sq ft) and 1,091sq m (11,743sq ft) respectively with the unit extending in total to 2,608sq m (28,068 sq ft).
The property is fully fitted for supermarket use and has an off-licence area located next to the checkouts at the front of the store. Most of the mezzanine area is in shell-and-core condition and Tesco uses this part of this space for staff and storage facilities.
The Ivy Exchange scheme occupies a high-profile location in close proximity to O’Connell Street, Henry Street and Mary Street and both the Ilac and Jervis shopping centres, all of which benefit from significant footfall on a year-round basis.
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The subject property is fully let to Tesco Ireland on a 25-year lease which commenced in November 2007. The current passing rent is €495,000 a year with approximately 6.8 years income remaining until lease expiry. The financial accounts for Tesco Ireland for the year ending February 22nd, 2025, show total sales in the year grew 5.8 per cent with a turnover of €3.445 billion.
Should a sale of Unit 2 proceed at the guide price, the incoming owner would stand to secure a net initial yield of 6.5 per cent, assuming standard purchaser’s costs of 9.96 per cent.
Commenting on the sale, Peter Love of Cushman & Wakefield said: “This investment offers investors the opportunity to acquire an investment leased to one of Ireland’s leading convenience store operators, with in excess of six years secure income in one of Dublin’s busiest city-centre locations.”
