Israeli investor pays €4.5 million for Parnell Street building

Israeli investor pays €4.5 million for Parnell Street building

The Aldi store in Parnell Street in Dublin

The building currently housing the Aldi store in Parnell Street in Dublin has been sold to an Israeli businessman for €4.5 million.

The investment will show a net initial yield of 7.9%, according to Jacqueline Fitzpatrick of selling agents Savills.

The sale was carried out at the request of Kieran Wallace of KPMG, who is receiver to a subsidiary company of South Dublin Construction.

The 1,215sq m (13,078sq ft) supermarket is let to Aldi on a 25-year lease with about 13 years to run. The next upwards-only rent review is due in 2013.

Earlier this year the same Israeli investor paid around €13 million for a newly opened Tesco store in Roscrea. That deal is showing a return of 7%.

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