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”.