Paddy Power selling off 14 of its retail store properties as shift towards online market continues

  • 📰 thejournal_ie
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 50%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Paddy Power is selling off 14 of its retail store properties as shift towards online market continues

Image: Sam Boal via RollingNews.ie Image: Sam Boal via RollingNews.ie BOOKMAKERS PADDY POWER is selling off 14 of its shops across the country.Flutter Entertainment plc, which is the parent owner of Paddy Power, will take a new lease on each property. Each lease will be for a term of 15 years with five yearly rent reviews. Each lease will provide for a tenant-only break option at the expiry of year 10 of the term.

The remainder of the properties are based in Drogheda, Maynooth, Thurles and Tralee. The portfolio also includes the Paddy Power betting shop located at Cornmarket Street in Cork city centre. Peter Jackson said the company was going to focus on its online business rather than the traditional shops. He said there would be “no massive expansion” of its bricks and mortar operation in Ireland and across Europe.

According to Savill’s auctioneers, the portfolio offers investors an opportunity to acquire a “selection of long-established owner-occupied Paddy Power properties located in Dublin, Cork and a number of leading provincial towns at an initial combined net rent of €480,000 per annum”.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 32. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines