Topaz Service Station

Transcription

1 for sale Topaz Service Station Portfolio Kilshane Cross Service Station North Road, Finglas, Co Dublin & Coolfore Service Station Ashbourne, Co Meath

2 lot 1 Coolfore Service Station Ashbourne, Co Meath lot 2 Kilshane Cross Service Station North Road, Finglas, Co Dublin lot 3 THE ENTIRE

3 Topaz Service Station Portfolio Excellent investment opportunity to acquire a Topaz Service Station portfolio located in Dublin and Meath at high profile locations Investment Summary Unique petrol service station portfolio for sale in three lots. The anchor tenant at both locations is Topaz providing an excellent tenant covenant to the eventual purchaser. Potential for full rental growth and asset management opportunities. Well located service stations both located just off the M2 Motorway. Coolfore Service Station, Ashbourne consists of the service station along with two showrooms and four workshop premises. The total current rent is 287,040 per annum. Kilshane Cross Service Centre, Finglas consists of the service centre with additional revenue from a restaurant, trade counter and workshop. The total current rent is 174, per annum. proposal The property is for sale in 3 lots as follows; Lot 1: Coolfore, Ashbourne Offers sought in excess of 3,475,000 which equates to a net initial yield of 7.91% assuming standard purchasers costs of 4.46%. Lot 2 : Kilshane Cross Offers sought in excess of 1,700,000 which equates to a net initial yield of 9.82% assuming standard purchasers costs of 4.46%. Lot 3: The Entire Offers sought in excess 5,175,000

4 lot 1 Coolfore Service Station Ashbourne, Co Meath Location Description Accommodation Coolfore Service Station is located to the north of Ashbourne on the N2 Dublin to Derry Road. The property is very well positioned, located on the east side of the road benefiting from all the passing traffic entering on the N2 motorway. The N2 begins approximately 5 km to the south of the property. The property is located approximately 7 km from Ashbourne, 22 km from Junction 5 of the M50 motorway and 32 km from Dublin city centre. Coolfore Service Station comprises a service station building along with two showroom premises (one which was previously a restaurant) and workshop premises. The service station occupies a strong profile site. Measuring approximately 1.11 ha (2.74 acres) the property comprises a Topaz service station and forecourt with 16 petrol and diesel operational pumps covered by a steel frame canopy and 3 truck pumps. The forecourt has the benefit of access and egress onto the N2 Road along with substantial car parking. A modern car wash is located to the side of the convenience store. The convenience store on the site consists of traditional build under a flat roof and a rendered facade. It is branded as restore which is Topaz s new retail brand. Further to the petrol station are three commercial premises consisting of a motor showroom, restaurant and workshop premises. Service Station Topaz sq M sq Ft Retail Area ,352 Storage/Office Area Total ,047 Showroom/ Restaurant Vacant ,250 Motor Showroom - Vacant Showroom/Offices ,884 Service Centre ,326 Total ,211 Workshop - Vacant Unit A ,018 Unit B ,018 Unit C ,018 Unit D ,018 Total ,072

5 Planning Planning Permission was procured under Planning Reference DA/30339 in or about October of 2003, which was planning for the demolition of existing buildings on site and the construction of a one single storey restaurant with car and truck parking, a one single storey car showroom/garage with car display, car compound, customer parking and a one single storey petrol station with forecourt and retail shop, truck refuelling facility, underground tank farms, over-ground water storage tank, illuminated canopy, car washes with recycling system, trash compound etc. Tenancy The service station is let to Statoil Ireland Limited, now Ard Services and trading as a Topaz Service Station. They are in occupation on a 20 year lease from 25 February 2004 at a rent of 282,240 per annum. There is a tenant break option in February 2019 and rent is reviewed every five years to the higher of either a 20% increase or CPI linked. Workshop Unit C is occupied by Hybrid Gym who were in occupation on a one year lease which has expired and are now overholding. They are paying a rent of 4,800 per annum. Total Current Rent 287,040 per annum Title The property is held Freehold Guide Offers sought in excess of 3,475,000 which equates to a net initial yield of 7.91% assuming standard purchasers costs of 4.46%. The sale is subject to VAT.

6 lot 2 Kilshane Cross Service Station North Road, Finglas, Co Dublin Location Description Accommodation The subject property is located on the R135 approximately 150m north of Kilshane Cross. It is situated just off the N2 motorway and is accessed through the exit for Coldwinters. The property is located in a good location with a significant amount of passing traffic daily. The subject property is located approx. 10km from Dublin city centre and 2.5km from Junction 5 of the M50. The subject property comprises of a service station building along with ancillary café, retail and workshop premises. The service station occupies a good profile site measuring approximately 0.30 Ha (0.74 acres) with a Topaz service station and forecourt with 10 petrol and diesel operational pumps covered by a steel frame canopy. The forecourt has the benefit of access and egress onto the R135 along with car parking on site. A modern car wash occupies the side of the convenience store building along with a hand wash area. The convenience store on the site consists of ground floor unit with Topaz s standard Re-Store fit out, accessed to the left of a shared entrance with the cafe unit. Topaz have also the use of 1st floor storage and office accommodation. The cafe unit is located to the right hand side of the entrance and is occupied by Skyland Cafe Limited and consists of restaurant and seating area on the ground floor and 1st floor storage and office areas. There is a further trade counter premises located on the 1st floor occupied by Turbo Tech and accessed to the rear of the building. A warehouse is located to the south of the site and currently operated as a car workshop. This consists of concrete frame construction with concrete block walls under a metal deck roof. The property is in good condition throughout. Topaz Convenience Store Sq M Sq Ft Retail Area ,192 Storage/Office Area Total ,669 Restaurant Unit Restaurant Area Storage/Office Area Total ,381 Trade Counter 1st Floor ,183 Communal Areas Ground Floor st Floor Total Service Centre/Workshop Warehouse ,465 Steel Mezzanine Total ,878

7 Planning Planning Permission was obtained under Planning Reference F00A/1287 to develop an existing restaurant and petrol service station on the site to consist of the demolition of buildings and canopy, the decommissioning of underground storage tanks, the construction of a new, two storey restaurant/retail shop building, new illuminated canopy, new forecourt, new underground tank farm etc. Tenancy Petrol Station and Convenience Store The petrol station and convenience store is let to Fareplay Energy Limited (a registered name of Topaz) from 23 September 2012 for a term of 10 years commencing on the 12 April The rent is staggered from year 1 at 112, per annum increasing incrementally from year 1 at 112, compounded by 3% per annum thereafter. Current rent payable is 126, per annum. This increases to 129, in year 6, 133, p.a. in year 7, 137, in year 8, 141, p.a. in year 9 and 146, p.a. in year 10. Restaurant Unit The restaurant/cafe premises is let to Skyland Cafe Limited by Lease of the 22 January 2002, for a term of 20 years from the 01 January The current rent payable is 26,000 per annum. 1st Floor Trade Counter Turbo tech occupy the first floor trade counter paying 10,400 per annum + VAT and are in occupation on a verbal agreement. Workshop The workshop is let to 2 mechanics on a verbal agreement for approximately 2 years at 12,000 per annum plus VAT. The total current rent amounts to 174, per annum with the Topaz income increasing 3% annually. Title The property is held Freehold Guide Offers sought in excess of 1,700,000 which equates to a net initial yield of 9.82% assuming standard purchasers costs of 4.46%. The sale is subject to VAT.

8 N2 R108 R128 BER RATING C3 F R156 Kilcloon Maynooth M4 R405 Dunshaughlin M3 R154 R157 R148 Curragha R155 R125 Ratoath R155 Coolfore N2 R121 R129 R132 Oldtown Ballyboughal Ashbourne R135 R108 R125 M2 Fleenstown The Rath R130 R122 R125 Kilshane Cross Swords R127 M1 R126 R106 Lusk Rush R128 Portrane Donabate Malahide Dublin Airport M1 R108 Portmarnock R122 Dunboyne Clonee R132 M50 R106 R139 N3 R843 Ballymun Donaghmede R104 Finglas Dublin Sutton Blanchardstown Howth R121 R135 Raheny R102 R102 R103 R149 Drumcondra R105 R105 Leixlip R109 R147 Dublin Port Full building Energy Rating Certificates available on request. Tenant Covenant The properties are occupied by Fareplay Energy Limited which is a registered name of Topaz and Statoil Ireland Limited which Topaz acquired in the mid 2000 s. Topaz is the leading fuel retailer in the country with over 444 outlets around the country. Aliementation Couche Tard acquired Topaz in early 2016 and now operate a global network of over 15,000 service station outlets. We carried out a Dun and Bradstreet Report on Fareplay Energy Limited which shows a 0.21% risk incidence of failure rate and that 0% of Irish businesses have a lower risk of failure. Jane Dolan Senior Investment Surveyor T: +353 (0) E: jane.dolan@cushwake.ie Johnny Hanrahan Senior Surveyor T: +353 (0) E: johnny.hanrahan@cushwake.ie CONTACT Cushman & Wakefield, 164 Shelbourne Road, Ballsbridge, Dublin 4. T: +353 (0) Web: cushmanwakefield.ie Brendan Smyth Director T: +353 (0) E: brendan.smyth@cushwake.ie Kevin Donohue Director T: +353 (0) E: kevin.donahue@cushwake.ie Conditions to be noted: 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property to be relied on as a statement or representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail. 5. The terms, Vendor and Purchaser, where the context requires shall be deemed to refer to Lessor and Lessee and Landlord and Tenant respectively. 6. Prices are quoted exclusive of VAT (unless otherwise stated) and the purchaser/lessee shall be liable for any VAT arising on the transaction. 7. The Vendor reserves the right not to accept the highest or any offer made.