A building at the N4 Axis Retail Park in Longford town which houses a McDonalds fast food restaurant has been sold.
Agents CBRE confirmed on Monday that the sale had been completed for the investment property, with the agreed price understood to be in the region of €1.2 million.
The sale will not affect the current tenants, who will continue to trade from the premises.
The property comprises of a single storey restaurant which was built in 2001. The building features a floorspace measuring approximately 290 square metres, while the site on which it stands extends to 0.105 hectares. The layout is configured to provide a restaurant seating area, kitchen food preparation area and toilet facilities. Outside, there is car-parking, a drive-through ordering facility, and seating.
The building is let to McDonalds Restaurants of Ireland under the terms of a 25-year lease starting from December 12, 2001, and which has 13 years unexpired. It is subject to an annual rent of €90,000.
Situated in a high profile location overlooking the N4 national primary road, the property forms part of the N4 Axis Retail Park which is anchored by Homebase and Argos, and includes other tenants trading from it, such as Halfords, Carephone Warehouse, Esquires Coffee and Paul Byron Shoes.
According to a spokesperson for CBRE, “there was a strong level of interest in the property from both local and international investors due to the strong covenant strength of the tenant in place and long unexpired term left on the lease.”
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