Bookmakers ‘Paddy Power’ are to sell off some 14 of its business premises, on a sale and leaseback deal, across Ireland, including their premises situated at No. 17A Friar St, Thurles, Co. Tipperary.
This complete portfolio is expected to be brought to the market by Savill Auctioneers, with a guide price of some €6.3 million.
A new lease on each property will be taken by the parent owners of Paddy Power, namely Flutter Entertainment plc., with each lease being a term of 15 years with five yearly rent reviews.
The majority of the individual portfolio’s are to be found in Dublin city, and include Parnell Street, Upper Baggot Street, Artane, Crumlin, Cardiffsbridge Road, Finglas Village, Ballymun and Clondalkin.
The other individual portfolio’s are located in Thurles, Tralee, Drogheda, Maynooth, Tramore and Cornmarket Street Cork.
It is understood that Paddy Power wishes to continue its trend in developing its online business, latter which has continued to grow over the past few years, rather than using the traditional shop method of trading.
Another Sad Day For Thurles
@michael: There’s no risk of closure. This is common for a lot of businesses to raise money. All the towns mentioned Thurles, Tralee, Maynooth etc are large towns so it’s probably their most valuable stores. I assume Nenagh’s two stores and Clonmel are leased.