Heiton Buckley is sold for €1.425m
THE Grafton Group has paid €1.425m for the building where its Heiton Buckley business has been trading.
Located within the Knockmullen Retail Park, the property comprises a commercial building measuring 26,085 sq ft fitted out as a DIY store with a trade counter and ancillary storage.
There is a large one acre yard to the rear with a separate detached building measuring 285 sq m (3,075 sq ft) currently used for storage.
There is also ample customer car parking to the front.
Richard Bielenberg of Colliers International, who handled the sale on behalf of a local businessman, had initially been asking €1.1m for the property.
On the basis of the passing rent of €115,000 per annum, the price reflects a net initial yield of 7.72pc.
Knockmullan Retail Park is on the south eastern edge of Gorey Town and about 200 metres from Gorey Shopping Centre.
Ben Pearson of Agar advised the purchasers, Grafton Merchanting ROI, which is the company operating Heiton Buckley.
The property had been on the market since June 2016.
Separately in May of this year the Knockmullen Retail Park which was built by local businessman Diarmuid Bolger in 2005 went on the market with an asking price of €1.3 million
The retail park which has a total area of 20,598 sq ft is home to Dominic Smith Expert Electrical; BrayVet; Salon Services; Ipoh restaurant; and Apex Geosurveys. Unit 7/8 is currently vacant.
It is offered to the market as a very solid investment opportunity by Colliers International in Dublin. It currently has a passing rental income of €139,400 per year