Savills acting on behalf of the Receiver Pearse Farrell of Farrell Grant Sparks have sold an investment property let to Aldi for a price of €7.7 million which would reflect a net initial yield of 7.5 per cent. The property was purchased by a private investor.
The Aldi food store occupies a ground floor unit in The Boulevard, a highly-accessible shopping and residential complex just off the M50 motorway and adjacent to the Luas service.
The 1,854 sq m (19,956 sq ft) supermarket is let to Aldi on a 25-year lease from October 2011 at a current passing rent of €603,375.62 per annum, with five-yearly rent reviews linked to the Consumer Price Index.
“There was keen interest in the asset due to the quality covenant and long unexpired term. We see continued investor interest in the foodstore market.”