** Description **
19/20 Gladstone Street is a part two storey/part single storey end of terrace building with approximately 12 meters of frontage to Gladstone Street.
The entire extends to 431.3 sq m (4,641 sq ft) incorporating 347.3 sq m (3,738 sq ft) of retail area at ground floor. The store is laid out to provide an open plan retail area with a store room located to the rear of the ground floor within the single storey extension.
Let to Eason Limited on a new 25 year FRI lease at an annual rent of €70,000. The lease provides for five yearly open market rent reviews and a break option (in favour of the tenant) at the end of year 10 subject to six months' prior written notice.
Eason is Ireland's leading books, stationery, news and magazines retailer with a portfolio of 60 stores nationwide and employing approximately 800 people. Eason Limited had a turnover of €109m in the year ended January 2018, with a profit after tax and restructuring costs (€3.3m) of €0.7m. The profit after tax for the year ending January 2019 is expected to be approximately €3m bringing the balance sheet value to c.€6m. Full accounts for 2018 and draft accounts for 2019 are available on request.
** Clonmel **
Situated on the River Suir, Clonmel is the largest town in Co. Tipperary with an urban population of 17,140 as at Census 2016. The town is located approximately 52 kms north west of Waterford City and 54 kms south west of Kilkenny City.
The town has a strong employment base and has become a core location for the pharmaceutical industry with companies such as Abbott, Clonmel Healthcare and Merck, Sharp and Dohme amongst others in the area. Other key employers in the town include C&C Group, the manufacturers of Bulmers Cider and South Tipperary General Hospital.
The principal town centre commercial thoroughfares of O'Connell Street and Gladstone Street are occupied by a mix of international, national and local retailers including Penneys, Holland & Barrett, Elvery's, Heatons, Lyfestyle, Dealz, New Look and River Island. The subject property is located in a high profile location on the west side of Gladstone Street, opposite Specsavers.
** Details **
The property is being offered on the basis of Sale and Leaseback via a Private Treaty process. Price on application.
Freehold title, subject to a deal pending in the PRAI over a small portion of land to the rear of the property.
Prime Retail Investment Opportunity
For Sale by Private Treaty (Eason Store Not Affected)
High Profile location on Gladstone Street opposite Specsavers
Two storey end-terrace building extending to 431.3 sq.m
Large retail floor plate of 347.3 sq.m at ground floor
25 year lease to Eason Ltd. with 10 years term certain
Attractive NIY of 11.5% off a market rent of €70,000 p.a.
Viewings are strictly through the joint selling agents, Bannon & Moynihan Curran.