Retail InvestmentThe forthcoming sale of a retail building at 23 Grafton Street is expected to set a new investment yield for Dublin's principal high street.
Ann Hargaden of Lisney, who is handling the sale of the building let to O'Connor Jeans, says that while there is no asking price, it is likely to sell for over €15 million.
The current rent of €241,250 is expected to escalate sharply when it is reviewed next May. O'Connors trades out of the ground and first floors and the remainder of the building is used as storage. It is located along a particularly good stretch of the street, between South Anne Street and Duke Street, and is close to Bewleys.
At a price of €15 million, the initial net return would be 1.5 per cent but is expected to nearly double on review to around 3 per cent.
Lisney is seeking informal bids by noon on April 5th.
