Grafton Group pays €1.425m for premises
GRAFTON Group has paid €1.425m for the Gorey, Co. Wexford, premises where its Heiton Buckley business has been trading.
Located within the Knockmullan Retail Park, the property comprises a commercial building measuring 2,423 sq m (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 ref lects 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.
Grafton Merchanting is Ireland’s leading builders and plumbers merchant with a nationwide network of branches that includes Chadwicks, Heiton Buckley, Sam Hire, Telfords and Davies.
It is owned by Grafton Group plc.
Earlier this year it announced plans to create 170 new jobs as well as the opening of three new branches, which would increase its branch network to 47 stores nationwide.
The Heiton Buckley premises in Knockmullan Retail Park