High-profile building on George’s Street set to produce net yield of 10.24%
Agent TWM expects considerable interest from investors in a high-profile Argos store in Waterford city, which is set to produce an attractive net initial yield of 10.24 per cent
Offers in excess of €1.8 million are being sought for the strongly performing store at 15/16 Great George’s Street, in the centre of the pedestrianised zone which joins up at John Robert Square.
Argos has traded from the freehold property for more than 20 years, and negotiated a new 10-year full repairing and insuring lease from last October at an annual rent of €200,000 per annum.
The building extends to 1,488.70sq m (16,024sq ft), and as well as a 15m frontage on to Great George’s Street it has convenient loading facilities at the rear.
Argos’s success has been helped by its close proximity to an enlarged Penneys store as well as other traders such as Sketchers, Clarks, Pandora, Costa and the strong line-up of traders in City Square shopping centre.
Patricia Ward of TWM said the investment opportunity was rack rented at present and was well-positioned to benefit from future rental growth.