Musgrave has outbid a number of Irish and European funds to buy a store, in Bray Co.Wicklow for €9 million and is expected to show a net initial yield of 6.9%.
Reportedly, the store is currently rented by SuperValu at €649,700 under a lease that has another 13½ years to run.
Savills had guided €8.4 million for the investment, which had been owned for the past 10 years by Friends First, according to Irishtimes.ie
It also outlined that Róisín Rafferty of Savills said the asset had strong investment credentials from its long-term certainty, strong covenant strength, and upwards-only rent reviews provisions.
© 2017 - Checkout Magazine by Donna Ahern