With continuing strong demand for retail investment property in Dublin city centre Lisney is bringing a prime investment at 19 Wicklow Street to the market for sale.
The building dates from the early 1900’s and is situated less than 130 metres from Grafton Street, on the edge of Dublin’s ‘Creative Quarter’. The surrounding area is home to a diverse mix of shops, bars and cafes.
The interest being sold comprises the entire building with a total floor area of approximately 289.35 Sq. M (3,115 Sq.Ft.) on a net internal basis. The property is let to two tenants under four separate agreements at a passing rent of €103,100 per annum. The successful purchaser will benefit from two forthcoming rent reviews due in February 2017, with the current passing rent considered reversionary.
Cornucopia has traded successfully from the ground floor for over 30 years. They also have a leasehold interest next door in number 20 Wicklow Street. Louis Copeland trades from the first floor and also has a leasehold interest in number 18 Wicklow Street. The second and third floors of the building are currently in office and ancillary uses.
With the combination of a prime city centre location, potential to increase the income at rent review, and a weighted average unexpired lease term of 10.15 years this opportunity will have significant appeal to investors.
Lisney is selling the property by Private Treaty. Offers in excess of €1,900,000 are being sought, which represents an immediate net initial yield of over 5.19% allowing purchaser’s costs at 4.46%.