B&Q retail warehouse on the market with €26m guide price

THE B&Q retail warehouse, located at Liffey Valley retail park, has been placed on the market by advisers Savills and JLL, carrying a guide price of €26m.

This represents a net initial yield of 7.07 per cent (after standard purchasers’ costs) and a desirable price per square foot of €218.

Extending to about 119,213 square feet, the investment opportunity puts purchasers in a unique position to acquire one of the largest retail warehouses in the country.

Due to current planning restrictions, retail warehouses of this size are no longer permitted.

Under retail planning guidelines there is a restriction on large-scale single retail warehouse units in excess of 64,583 square feet.  This places substantial limitations on the future development of competing retail warehouse units of this size in the Dublin market.

The asset is single let to B&Q plc on a 25-year upwards only FRI (full repair and insurance) lease from March 2002. B&Q currently pays a rent of €2.02m per annum.

The property is on a standalone site with profile directly on to the M50, and it is B&Q’s flagship store in Ireland.

Fergus O’Farrell, director of investment at Savills and Max Reilly, senior director of investments at JLL, said: “The sale of B&Q Liffey Valley [resents investors with a rare opportunity to acquire one of the largest retail warehouses in the country, currently producing a secure rental income of €2.02m per annum. The €26m guide price offers purchasers an extremely attractive net yield of 7.07 per cent.”

For full access to all content on Echo.ie and to support the continuation of local news and local journalism in your community subscribe HERE. Thanks for your ongoing support.