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Retail Unit 2, Bank House, 14-17 Cornmarket and 1, 3 & 5 Augustine Street, Dublin 8

Investment Property (172.11 sqm) Sale Agreed
of

Sale Agreed

Features

  • High profile ground floor retail unit
  • New 10 year lease from 31st January 2018 with no break option
  • Excellent unexpired lease term of approx. 9.25 years
  • Current rental income of €45,000 per annum
  • Net Initial Yield 6.91% (based on the guide price)

Location

The subject property comprises a corner retail unit with dual frontage onto Cornmarket and St Augustine Street, at the high profile intersection of Thomas Street, Frances Street and Cornmarket in Dublin 8. Christ Church Cathedral is located approximately 350 metres from the subject property.

Christ Church is the heart of medieval Dublin and today is one of Ireland’s busiest tourist centres. Trinity College, Guinness Storehouse, Dublin Castle, St. Patrick’s Cathedral and Kilmainham jail are all within striking distance.

Given the high profile position of the subject property, it benefits from a strong number of both pedestrian and vehicular traffic.

The area is well served by public transport services to include The Luas Red Line, connecting Tallaght/Saggart to Connolly Station and onwards to the 3 Arena, runs close to the development with the Four Courts Luas stop within 750m. There are numerous bus routes also running close to the development as well as Dublin Bike Stations.

Full Description

Retail Unit 2, Bank House, 14-17 Cornmarket and 1,3 & 5 Augustine Street, Dublin 8 comprises a sizeable corner ground floor retail unit, currently in restaurant use. The unit forms part of a larger mixed-use development with modern residential apartments overhead. Externally the property has a mixture of a brick front and plate glass windows fronting onto both Thomas Street and St. Augustine Street.

Internally, the property is fitted out to provide an open plan kitchen/ customer seating area which is finished to a very high standard. Toilets are provided to the rear of the unit.

Tenancy

The subject property is leased to Boojum on a new 10 year IRI lease from 31st January 2018 at a passing rent of €45,000 per annum with no break options.

Tenure

Long leasehold interest from the 1st day of July 2004 for 999 years subject to a peppercorn rent.

VAT

We are advised that VAT will be applicable to the sale. Transfer of business relief applies.

Price

Offers are sought in excess of €600,000, which represents a NIY of 6.91% after the deduction of standard acquisition costs at 8.46%.

Viewing Details

By special appointment with the sole letting agent, Lisney.

Accommodation

    The approximate gross internal area (GIA) is as follows:

    Description

    GIA Sq.m

    GIA Sq.ft

    Ground floor

    172.11

    1,852.58

    All interested purchasers are specifically advised to verify the floor area and undertake their own due diligence.

BER Details

BER: C3

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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