Unit 3 & 4, Castle House, Castle Street, Mullingar, Co. Westmeath, N91 NX33

Detalhes

Egan's are delighted to present this exceptional investment property to the open market for sale (tenant not affected).

Ground floor Units 3 & 4 Castle House are currently let to Flutter Entertainment Plc currently trading as Paddy Power on a 10 year lease from 1st November 2024 and the current passing rent is ?38,000 per annum. The lease is subject to a rent review at the end of year 5 in line with market rent and a tenant only break option at the end of year 5 subject to providing six months written notice to the landlord.

The property is excellently located on Castle Street in Mullingar town centre which is home to a number of occupiers including Guiney's, 9 Muses Hair Salon etc and is also in close proximity to Harbour Place Shopping Centre which is anchored by Dunnes Stores.

The property is a well laid out ground floor retail unit with a floor area of c. 1,615 sq.ft and has the benefit of a high specification fitout throughout.

Paddy Power have traded from this unit for c. 30 years and it is very well established location for them.

The covenant on the lease is Flutter Entertainment Plc who are is the world's largest online sports betting and gaming operator, holding leading market positions in the US (FanDuel), UK & Ireland (Paddy Power, Sky Betting & Gaming), Australia (Sportsbet), and Italy (Sisal). Headquartered in Dublin, Ireland, it is listed on the NYSE and London Stock Exchange, focusing on high-growth digital markets with over 15 million monthly users and reported a EBITDA of approximately $2.13 billion for the fiscal year 2025.

Please note that the sale price is not subject to VAT.

Please contact Egans for further information including a copy of the lease.