FOR SALE Secure Long Term Investments Tenant Not Affected Two Applegreen Service Stations Grange Road, Baldoyle and Sarsfield Road, Inchicore

Baldoyle Investment summary

The property offers investors an opportunity to acquire two high profile Applegreen Service Stations providing secure long term income from a very strong tenant.

 Two Applegreen petrol stations located on busy commuter routes  Single let to Petrogas Group for terms of 21 and 25 years  Leases guaranteed by Petrogas Global  Petrogas has 140 forecourts and a turnover of over €804 million per annum  The passing rents are €300,000 (Baldoyle) and €190,000 (Inchicore) per annum  The leases provide for a 10% increase in rent each fifth year  The Grange Road station has recently been upgraded by Applegreen

Inchicore Baldoyle Location applegreen Baldoyle

The Baldoyle Service Station is located on the south side of Grange Road close to the entrance to the Baldoyle M1

Industrial Estate. Grange Road is a principal thoroughfare M50 No rthe Portmarnock rn C linking Sutton and Baldoyle with Donaghmede and on to ross Golf Club Belmayne

the Northern Cross / M50 motorway. The surrounding The Coast d a Clongri n o Clarehall R Road e Grange d area provides a combination of commercial and i h a l Baldoyle Baldoyle a Industrial Estate residential uses with adjoining occupiers including Tom M DART

Bayside Walsh Honda, Lidl, Atlas and Home Value Hardware. The Sutton Coast and Clongriffin housing developments are to the Kilbarrack Howth north of Grange Road.

The Property

The Baldoyle station comprises a forecourt with a modern single storey convenience store on a site of approximately 0.13 hectares (0.32 acres). The shop, which extends to a gross area of approximately 257 sq.m, includes a retail area with off-licence use and deli / restaurant with seating area. The forecourt is laid out with 4 double sided pump islands with an overhead canopy and a carwash. The restaurant is operated as a Subway. Inchicore applegreen Baldoyle Location applegreen Inchicore

The Inchicore station is located on the south side of M1 Sarsfield Road opposite Longmeadows Park. Sarsfield N4 Palmerstown

M50 Road links Ballyfermot and Inchicore, with access onto C hap The Phoenix Park No elizo rthe Portmarnock d B rn C ypa ross Golf Club ss Belmayne the Chapelizod By-Pass and the city centre. Sarsfield

The Coast Road is a main commuter route with a high volume of d a Clongri n o Clarehall R Road e Grange d Johnstown i passing traffic. The immediate area is largely residential h a Drum nn l Baldoyle Baldoyle a Industrial Estate Cherry Orchard Islandbridge M DART Industrial Estate with a number of neighbourhood retail centres and ss M50 Chapelizod Bypa Longmeadows Park Bayside Sutton public parks/sports grounds. Sa rs eld K Road

y

l Kilbarrack em Ballyfermot Howth o r e

R oa Goldenbridge Kylemore d Inchicore

The Property

The Inchicore property, which was the first station in Applegreen’s network, comprises a forecourt with a convenience store on a site of approximately 1,200 sq.m. The shop includes a retail area and coffee bar/ deli with storage space at first floor level. The forecourt is laid out with 4 double sided pump islands with an overhead canopy and a carwash. applegreen Inchicore Tenancies The properties are let to Petrogas Group under two long term, full repairing and insuring leases. The leases provide for a 10% rent increase each fifth year of the term. GRANGE ROAD SARSFIELD ROAD Baldoyle, Dublin 13 Inchicore, Dublin 8

Lease Term: 25 years Lease Term: 21 years

Repairing: Full repairing Repairing: Full repairing

Commencement: 23/12/2014 Commencement: 06/06/2013

Termination: 22/12/2039 Termination: 05/06/2034

Rent Rent

Years 1 – 5 €300,000 Years 1 – 5 €190,000

Years 6 - 10 €330,000 Years 6 - 10 €209,000

Years 11 - 15 €363,000 Years 11 - 15 €229,900

Years 16 – 20 €399,300 Years 16 – 21 €252,890

Years 20 – 25 €439,230

Covenant Details

Applegreen is Ireland’s largest Irish independent Petrogas Global Limited, the guarantor, is a privately forecourt retailer with 75 service stations in Ireland and owned company and Ireland’s largest independent 34 in the UK. In September 2010, Applegreen opened forecourt retailer with over 110 sites trading in the and now operates Ireland’s first 6 Motorway Service Republic of Ireland and United Kingdom. It currently Stations and continues to expand in Ireland with six employs over 1,200 people and has grown rapidly since further sites due to be developed this year. Applegreen its establishment in 1992. is also expanding its operations further afield with Petrogas Global achieved a 63% increase in profits the recent opening of a service station in Long Island, for 2013 while revenues climbed by more than 10%. New Jersey, and the recent launch of the first of four Turnover in 2013 totalled €804.5m, with operating motorway service areas in the North. profit rising to €10.6m. As of the end of last year, gross The tenant, Petrogas Group Limited, latest published assets were valued at €168.3 million and shareholders’ accounts show a net profit of €13.9 million and net funds were €44.4 million. assets of €21 million. TITLE The properties are freehold.

GUIDE PRICE On Application CONTACT

SELLING AGENT BER Baldoyle Adrian Trueick [email protected] Ross Fogarty [email protected] Damien McCaffrey [email protected]

Inchicore 20-21 Upper Pembroke Street, Dublin 2 Tel: +353 1 6342466 Fax: +353 1 6342477 KnightFrank.ie

Disclaimer

These particulars are issued by HT Meagher O’Reilly trading as Knight Frank on the understanding that all the negotiations are conducted through them. Whilst every care has been taken in the preparation of these particulars, they do not constitute an offer or contract. All descriptions, dimensions, references to condition, permissions or licenses of use or occupation, access and other details are for guidance only, they are given in good faith and believed to be correct, and any intending purchaser/tenant should not rely on them as statements or representation of fact but should satisfy themselves (at their own expense) as to the correctness of the information given. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the purchaser/lessee shall be liable for any VAT arising on the transaction. Neither HT Meagher O’Reilly trading as Knight Frank or any of their employees have any authority to make or give any representation or warranty in respect of this property. HT Meagher O’Reilly trading as Knight Frank, Registered in Ireland No. 385044, PSR Reg. No. 001266. HT Meagher O’Reilly New Homes Limited trading as Knight Frank, Registered in Ireland No. 428289, PSR Reg. No. 001880. Registered Office - 20-21 Upper Pembroke Street, Dublin 2.