Extending to approximately 119,213 sq ft, this investment opportunity offers purchasers a unique opportunity to acquire one of the largest retail warehouses in the country and due to current planning restrictions, retail warehouses of this size are no longer permitted. Under retail planning guidelines there is a restriction on large-scale single retail warehouse units in excess of 64,583 sq ft (6,000 sq m). This therefore places substantial limitations on the future development of competing retail warehouse units of this size within the Dublin market.
The asset is single let to B&Q Limited on a 25-year upwards only FRI lease from 27 March 2002. B&Q currently pay a rent of €2.02 million per annum (€18.80 per sq ft). The property is on a stand-alone site with profile directly onto the M50 orbital ring road to the east. It adjoins Liffey Valley Retail Park to the west and Tesco Extra to the north. The unit extends to an impressive gross internal area of 119,213 sq ft (11,075 sq m) with an ancillary garden centre of approximately 29,000 sq ft, as well as builder's stores and a service yard, all on a site area of approximately 9.26 acres. The unit also benefits from a large surface car park to the front of the building, providing for approximately 552 spaces.
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The property is B&Q's flagship store in Ireland and is exceptionally positioned on a standalone site within the overall Liffey Valley retail complex. The complex is recognised as one of Dublin's major retail destinations, situated approximately 10km west of the city centre. Liffey Valley benefits from excellent infrastructure links and the subject property benefits from a highly accessible location at the interchange of the M50 motorway (Junction 7) and the N4 national primary route.
This enables swift motorway access to all major cities from the capital, while its position on the N4 national primary route offers direct access between Dublin City Centre and the West of Ireland. The area is easily accessible and is serviced by a number of bus companies, including Dublin Bus which operates 16 routes from the city centre to Liffey Valley. Accessibility has also been improved with the recent development of a new six-bay bus plaza. The plaza will facilitate a 75% increase in bus services to and from the shopping centre and surrounds.
Property advisors Savills and JLL are handling the acquisition.
Commenting on the sale, Fergus O'Farrell, Director of Investment in Savills and Max Reilly, Senior Director of Investments in JLL said: "The sale of B&Q Liffey Valley presents investors with a rare opportunity to acquire one of the largest retail warehouses in the country, currently producing a secure rental income of €2.02 million per annum. The €26 million guide price offers purchasers an extremely attractive net initial yield of 7.07%."
