Iroko Zen pay €1.425 million for Tesco Express premises

FRENCH investor Iroko Zen has completed its third acquisition this year and seventh deal to date in the Irish investment market, paying €1.425 million for the premises of Tesco Express on Tyrconnell Road in Inchicore.

The property comprises of two adjoining ground-floor retail units, extending to 450.57sq m.

The accommodation is laid out primarily for supermarket use along with staff facilities and a storage area.

The subject property is let to Tesco on a 20-year and five-months term from October 30, 2007, expiring on March 31, 2028. The lease incorporates CPI-linked rent reviews with cap and collar of three per cent and one per cent respectively.

The passing rent is €98,000 annually (depending on good payment by the tenant).

The Tyrconnell Road premises is Iroko Zen’s second acquisition involving Tesco as tenant in the Irish market.

The French investor previously acquired the newly constructed White Pines Retail Centre in Rathfarnham, Dublin 14, from Ardstone Capital for €10.14 million. The scheme includes a Tesco supermarket.

Tesco operates 164 stores around Ireland and holds 22.4 per cent of market share, with growth of 14.9 per cent year-on-year.

With the strongest frequency growth amongst all retailers (+13.2 per cent year-on-year), Tesco also saw an increase in new shoppers in store, up 1.7 percentage points.

Peter Love, divisional director at Cushman & Wakefield, acted on behalf of the vendor, a private Irish investor.

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.