(IWI) acquire McDonald's & KFC Restaurants, Charlestown Dublin 11 from Bovale Developments for close to €4.5m

(09 Oct 2014)

McDonalds   KFC Charlestown Thumbnail0Ireland World Investments ( IWI) has recently secured The Charlestown Drive-Through centre situated within the Charlestown Shopping Centre Complex for private clients in a multi million euro transaction. Mr Richard Coffey Managing Partner (IWI) said “he was delighted to acquire such a high profile investment as it added significant value to an existing property portfolio”. The joint selling agents were David Carroll and Rod Nowlan from Bannon and Natalie Brennan and Willie Norse from CBRE
 

The Drive thru restaurants were constructed by G & T Crampton and were developed by brothers Mick and Tom Bailey of Bovale Developments to tenant requirements in 2012 and thus comprise modern high level format stores with high level glazing and excellent accessibility. Ample on site car parking is provided for the restaurant patrons
 

The scheme can be accessed from J5 of the M50 providing easy access to customers travelling from the North and West. The area to the east and south and its immediate environs comprises modern and established housing schemes. The area has a population in the order of 31,440 persons (Census 2011) whilst the M50, immediately north of the scheme is Ireland's busiest road carrying in excess of 100,000 vehicles per day.


Charlestown Shopping Centre immediately adjacent is anchored by Dunnes Stores and opened for trade in October 2007. Since inception the shopping centre has enjoyed a high level of occupancy and is due to launch a new 9 screen Odeon Cinema & Leisureplex in Spring 2014 which will add to the existing line up of the centre.


Unit A is let to MBCC Foods (Ireland) Ltd t/a KFC under a 25 year lease from the 31st January 2012. The current passing rent is €141,400 per annum.


Unit B is let to McDonalds Restaurants of Ireland Ltd t/a McDonalds under a 25 year lease from 31st January 2012 with no break options. The current rent is €150,000 per annum


MBCC Foods (Ireland) ltd reported turnover of €38.7m to 31st January 2012 and a profit before tax of €2.3m.. MBCC operate the KFC, Pizza Hut and Costa Coffee brands in Ireland and recorded a 53% increase in profits from 2011 to 2012.
 

McDonalds Restaurants of Ireland Ltd is the principal trading company for McDonalds in Ireland.
The company recorded turnover of €77.9m to December 2012 and is listed as having a tangible net worth of €81.7m.
 

 

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