The pent-up demand for retail investments in Dublin’s south inner city is expected to ensure the early sale of a well-located shop on Wicklow Street, Dublin 2, which goes on the market on Wednesday through Savills.
Stephen McCarthy of the agency is guiding €1.75 million for the JD Sports outlet at 26 Wicklow Street, which produces a rental income of €112,000 per annum. The international footwear, clothing and accessories retailer has the use of 178sq m (1,915sq ft) over three levels, with 49sq m (527sq ft) at street level.
The last retail investment sold on Wicklow Street was number 19, occupied by Cornucopia, a vegetarian restaurant, which was bought by a private investor last January for just over €2 million. The rent at the time, €103,100, was due to be reviewed shortly after the sale by Lisney.
Ann Summers leaving O’Connell Street
A prime trading opportunity on O’Connell Street, Dublin, is to become available from January next when the spacious Ann Summers “pleasure emporium” goes on the letting market through agents BNP Paribas Real Estate.
The UK company has been trading opposite the GPO for the past 15 years and after opening another outlet in Henry Street about 18 months ago decided not to renew the lease on O’Connell Street
The premises has an overall floor area of 520sq m (5,597sq ft) at street and basement level. It adjoins the former Clerys store, which is due to be redeveloped as a mixed-use complex.
Mervyn Ellis of the letting agency is quoting a rent of €350,000 for the shop, which is owned by Aviva Investors. He says the store has an “exceptional frontage” on to O’Connell Street and excellent floor plate, which would suit many uses, including a restaurant.
Room for a restaurant in Meeting House Square
An unusual opportunity to rent a restaurant at Meeting House Square in the vibrant Temple Bar area of Dublin is expected to lead to considerable competition between businesses already based in the area.
Emma Coffey of Lisney is quoting a rent of €125,000 for the premises, which forms part of the ground floor of the Sycamore Building with 137sq m (1,475sq ft) on the ground floor and a further 57sq m (613sq ft) on the mezzanine. It previously traded as the Eden Restaurant and overlooks Meeting House Square, one of the busiest locations in Temple Bar.
Fitzwilliam Place Georgian sells €1 million above guide
Colliers International has secured an exceptionally strong price of €3.57 million – nearly €1 million above the guide – for a Georgian house at 33 Fitzwilliam Place and a rear mews at 33 Leeson Close.
Paul Finucane of Colliers said the price reflected the high quality of the asset, for which no expense was spared in restoring the main building to the highest standards. The investment was bought by a private investor, who plans to occupy part of the buildings and lease the remainder
Colliers have also sold a Georgian house at 44 Lower Leeson Street and a mews at 44 Leeson Place for €2.2 million
Software firm leases space in Silicon Docks
A software company has taken a short term lease of 650sq m (7,000sq ft) of office space at Hanover Court on the Silicon Docks in Dublin.
EnerNOC will pay a passing rent of €260 per sq m (€21 per sq ft) in addition to key money, which was not disclosed. CBRE had been seeking a once-off payment of €200,000 for the lease.
Joe O’Donoghue of Lambert Smith Hampton advised EnerNOC, while Alex Fahy of CBRE advised MTT.
Dublin 2 Georgian on sale for €2.4 million
A double-fronted Georgian house rented by the Irish Academy of Computer Training at 32 Upper Fitzwilliam Street, Dublin 2, goes for sale today through BNP Paribas Real Estate at €2.4 million. The 505sq m (5,435sq ft) building produces a rent of €120,000, which will show a return of 4.78 per cent. Both the landlord and the tenant have a break option in 2020.
Matthew Vanston of BNP says the sale provides an ideal opportunity for investors to acquire a highly reversionary office investment with 12.5 years income or the mutual break option.
