36 Cruises Street, Limerick

FOR SALE – SUPERB RETAIL INVESTMENT

Tenancy Details

Tenant – Ann Summers Ireland (Retail) Limited

Guarantor – Ann Summers Limited (UK Parent)

Term - 25 year lease from 1st May 1995.

Rent - €160,000

Rent Reviews – Upward Only every 5 years

Repair and Insurance– Full Repairing and Insuring

Break Option – N/A

Covenant Details

Ann Summers is a British multinational high street retailer with over 140 high street stores in the UK, Ireland, the Channel Islands and Spain. They have three stores in Ireland under two Irish entities, Ann Summers Ireland (Retail) Limited and Ann Summers (Ireland) Limited.

The subject lease benefits from a parent guarantee from Ann Summers Limited. Accounts 2013 for the UK operation, which includes the results of Ann Summers Ireland Ltd, show pre-tax profits last year of £2.39m with revenues of £114.9m. The firm had shareholder funds totalling £50m that included £16.5m in cash.