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16 Wicklow Street, Dublin 2

Investment Property (240.00 sqm) Sold
of

Sold

Features

  • Located in a high profile position just over 100 meters from Grafton Street
  • Property comprises a four storey over basement mid-terrace building extending to approximately 240 Sq.M (2,582 Sq.Ft) on a net internal area basis.
  • Rent of €125,000 per annum
  • Single FRI lease with an unexpired lease term of 10.4 years and upward only rent reviews in March 2021 and 2026.
  • Established tenant (unaffected by the sale).
  • AMV of €2.4 million equates to a net initial yield of 4.80% after allowing for standard acquisition costs.

Location

No. 16 Wicklow Street is situated on the northern side of the street between its junctions with Clarendon Street and St. Andrew’s Street. The property is located just over 100 metres from Grafton Street, Dublin’s main shopping thoroughfare. Wicklow Street is one of Dublin city centre’s most sought after retail locations and experiences high volumes of footfall and vehicular traffic. The immediate area has a wide offering of retail shops, cafes, and restaurants. Adjacent occupiers include L’Occitane, Le Petit Parisien, Louis Copeland, Kiehls, Brown Thomas, and Weirs.

Full Description

The property is a four storey over basement midterrace building of traditional construction dating from the early 1900’s.

The ground floor is in retail use and benefits from approximately 5.79 metres of frontage onto Wicklow Street. The basement is accessed from within the retail unit and provides essential storage, w/c , and staff accommodation. The tenant has its head office based in the three upper floors of the property which are all in office use and have independent street access to the left hand side of the shop entrance.

Tenancy

The entire property is leased to General Health Food Store (Dublin) Limited t/a Nourish under a 35 year FRI lease from July 1993 (10.4 years unexpired).

The contracted rent is €125,000 per annum, with two further upward only rent reviews in March 2021 and 2026.

The tenant, unaffected by this sale, has traded from No. 16 Wicklow Street since 2004. The company operates eight stores located across Dublin and has a Dun & Bradstreet Rating of 1A 1, based off accounts dated 31 January 2017.

Tenure

We understand the property is held Freehold.

Zoning

The property is in an area zoned Z5 'to consolidate and faciliate the development of the central area, and to identify, reinforce and strengthen and protect its civic design, character, and integrity' under the current Dublin City Council Development Plan 2018-2015.

The building is not listed as a protected structure.

VAT

We are advised that VAT will not be applicable to this sale.

Public Auction

The property is scheduled to be sold by way of Public Auction on 14th March 2018 at 2.30pm in the Lisney Salesroom at St. Stephen's Green House, Earlsfort Terrace, Dublin 2.

AMV

€2,400,000, representing a net initial yield of 4.80% after allowing standard acquisition costs at 8.46%.

Online Data Room

www.16wicklowstreet.com

 

 

 

 

 

 

 

Viewing Details

By special appointment with the sole letting agent, Lisney.

Accommodation

    We set out below our understanding of the building's net internal area (NIA):

    Floor Sq.M (NIA) Sq.Ft (NIA)
    Basement 50.80 546.81
    Ground 51.54 554.77
    First 43.87 472.26
    Second 47.70 513.39
    Third 45.94 494.50
    Total 239.85 2,581.73

    All intending purchasers are specifically advised to verify the floor areas and undertake their own due diligence in this regard.

     

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BER Details

BER: D2
BER No. 800617433

Solicitor

Peter Quigley & Company Solicitors, 17 South Terrace, Cork. T: +353 (0)21 4840222 E: pqlawcork@gmail.com

Contact Details

Address: St Stephen's Green House, Earlsfort Terrace, Dublin 2
Telephone: +353-1-638 2700 or you can also email us at dublin@lisney.com

Lisney for themselves and the Vendor/Lessor whose Agents they are give notice that:

1. These particulars do not constitute any part of an offer or contract.

2. All statements contained in these particulars as to this property are made without responsibility on the part of the Agents or the Vendor/Lessor and none of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.

3. The particulars, various plans, photographs, dimensions, references to condition and permissions for use and occupation  are given in good faith and are believed to be correct but their accuracy is not guaranteed and any intending Purchasers or Tenants shall satisfy themselves by inspection or otherwise as to correctness of each of them. No omission, accidental error or misdescription shall be ground for a claim for compensation or for the rescission of the contract by either the Vendor/Lessor or the Purchaser/Tenant.

  4. Neither the Vendor/Lessor nor Lisney nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to the property. 5. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction. PSRA No. 001848.

Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.

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