Service station goes on the market for €4 million
By Brendan Grehan
THE HIGH-profile Circle K service station at Browns Barn, Citywest is on the market at just under €4 million.
Savills is guiding €3.85 m for the property, offering the purchaser the opportunity to secure a net initial yield of 6.75 per cent.
The service station in Browns Barn, Citywest
Built in 2004, the service station has a site area of about 0.31 hectares (0.76 acres) and occupies a high-profile location immediately off the N7/Naas Road, one of the key arterial routes to Dublin city centre.
The Citywest Business Campus, is immediately adjacent to the property. There are some notable occupiers in the Citywest Business Campus including SAP, Pfizer, Glanbia, Unilever, Colgate Palmolive, Adobe, Fidelity, GlaxoSmithKline and Eir.
The immediate Citywest area has expanded considerably in recent years and is currently the subject of substantial residential development.
Fareplay Energy Ltd, trading as Circle K, has nearly 16 years remaining on its lease – which will serve as an attractive proposition to investors, in addition to the annual rent roll of €283,204.
The incoming purchaser will also benefit from fixed 25 per cent rental uplifts in December 2024 and December 2029, reflecting net running yields of 8.45 per cent and 10.54 per cent respectively.