€2.5m for Starbucks in Blackrock

Allsop Space is seeking in the region of €2.5 million for an attractive commercial property

at 7 Rock Hill on Blackrock’s main street in south Dublin.

The selling agent’s “private treaty to auction” sales process means that if contracts are not exchanged after a period of time the vendor has the option to auction the property.

The former post office premises is occupied by Starbucks, Educogym and Southside Partnership. The reserved rent of €263,000 is currently abated to €172,000.

The mid-terrace building, with its protected cut-stone façade, has a three-storey modern extension to the rear offering ground floor access to the retail facilities and panoramic sea views.

The building has been extensively glazed on the seafront side and has two outdoor terraces with balconies.

The three-storey building has an overall floor area of 660sq m (7,107 sq ft).

Starbucks is the anchor tenant, occupying 299sq m (3,218sq ft) on the ground floor on a 20-year lease from 2007. Although the reserved rent is €150,000 it pays pay a passing rent of €90,000.

There are 13 years to run on the lease held by the Southside Partnership which occupies 298sq m (3,207sq ft) at basement and first-floor levels.

The partnership is an independent organisation dealing with socio-economic problems and social exclusion within all sectors of the community in Dún Laoghaire-Rathdown and beyond.

Educogym occupies a double-height premises of 63sq m (678sq ft) on the ground floor on a 25-year lease with 19 years unexpired.

The building has been fitted out to a high standard by the various tenants and has double-fronted retail units facing Blackrock’s Main Street, the Dublin bus terminus and the Dart station.

Robert Colleran of Allsop Space said he was expecting considerable interest in what was a trophy investment property with the added advantages of a tastefully restored period frontage and a glazed rear extension with stunning views over Dublin Bay.

He said the sale coincided with a significant retail revival in Blackrock with the opening of JD Wetherspoons, Clodagh’s Kitchen in Blackrock shopping centre and Shutters restaurant.