Tesco to sell Oranmore supermarket with €2.2m price tag – The Independent
The Competition and Consumer Protection Commission made it a condition that Tesco should sell the Joyce store in Oranmore, Co Galway
Tesco is selling a supermarket business in Oranmore, Co Galway as a going concern with a €2.2m price tag.
Operated by Joyces, a Galway supermarket chain, the sale arises following Tesco’s deal to acquire the chain this year. Because Tesco already owns a store in Oranmore, the Competition and Consumer Protection Commission made it a condition of its approval for the sale that Tesco should sell the Joyces store in Oranmore.
Extending to 1,529 sqm, the store continues to be operated by Joyces as the anchor grocery in the OranTown Centre shopping centre which comprises over 20 retail units, 15 office suites and 238 car-parking spaces.
The supermarket property is held in part under a 9,999-year lease from January 1, 2000 extending to 9,577 sqft while the remainder was an extension held under two occupational leases to one landlord subject to a total annual rent of €150,000 per annum. Its average weighted lease to expiry (WAULT) is 7.75 years.
Sarah Winters of TWM, who is handling the sale, says The Anchor unit is laid out to provide an isled supermarket unit with cashpoints towards the entrance, butcher’s counter, fish counter, bakery/delicatessen and off-licence at ground floor. The first floor provides offices and staff facilities.
The property and business will be sold by share purchase and the closing date for tenders together with a deposit is 3pm on Thursday, October 20, 2022.
Oranmore is a growing satellite town on the eastern outskirts of Galway city.