Colliers International have SOLD 12 Main Street, Bray.
A Prime Retail Investment achieves 7.2% NIY
Press Release: Dublin, 2nd November 2016 - Colliers International are delighted to have achieved in excess of the guide price for 12 Main Street, Bray. Colliers International achieved €742,500 for the Prime Retail Investment which equates to a Net Initial Yield of 7.2% after allowing for purchaser’s costs of 4.46%. The guide price was €700,000.
Stephen Conway, Colliers International states that “the investment opportunity attracted strong interest from Private investors, the long unexpired term of just under 10 years and the quality tenant, Tiger, added to the appeal”.
12 Main Street, Bray, Co. Wicklow is located in the centre of Bray town, enjoying a high profile corner position on the main thoroughfare with frontage onto Main Street at its junction with Florence Road. The ground floor is laid out to provide a large open plan retail / sales area with a staff office to the rear. The first floor is used for storage. The property extends to an approx. floor area of 2,442 sq ft (NIA).
The property is currently let to Tiger Retail Ireland Limited t/a as Tiger by way of a 10 year lease from December 2015. The rent is €56,000 per annum and there will be an open market rent review at year 5.
Other nearby retailers include AIB, Boots, Dealz, 3 and Dubray Books. The property is served by two nearby public car parks, both of which are within a two minutes’ walk.
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