RETAIL INVESTMENTSIt is rare enough that a freehold shop on Dublin's Mary Street comes on the open market. For that reason alone there is likely to be strong interest in the HS Furniture shop at 56 Mary Street, Dublin 1, which backs into a leasehold property rented from Michael Murphy's South Dublin Construction.
Ben Pearson of Bogle Estates is seeking over €3.9 million for the freehold interest in the Mary Street premises and the lengthy lease of 32/36 Wolfe Tone Street, Dublin 1.
The Mary Street building stands four storeys over basement with around 109.81sq m (1,181sq ft) of retail space on the ground floor, storage in the basement and a self-contained apartment overhead.
The Wolfe Tone Street retail area extends to 1,010sq m (10,871sq ft) and is held on a 25-year lease from 1998 at a current rent of €50,535.
Interestingly, any increase in rent at the reviews in 2011, 2016 and 2021 will be equivalent to the annual interest payable on a loan of €634,869.
The lease will obviously appeal to many traders, particularly those in the furniture trade.
Another attraction of the lease is that it includes two basement car-parking spaces for a term of 900 years at a nominal rent.
The Mary Street store is close to the junction with Wolfe Tone Street and in a good shopping area close to the Jervis Centre, Penneys and the soon-to-be-redeveloped Arnotts.
