Monday 27 March 2017

Dublin retail for €2m

Bannon is seeking €2m for these investment units at 32 and 33 Liffey Street
Bannon is seeking €2m for these investment units at 32 and 33 Liffey Street

Bannon is seeking €2m for two retail units in central Dublin which are being sold as investments.

The properties at 32 & 33 Liffey Street Upper are adjoining mid-terrace retail units.

The asking price equates to a net initial yield of 6.25pc after standard acquisition costs are deducted.

The adjoining two storey buildings accommodate a net internal floor area of 309.2 sq m (3,329 sq ft) spread over ground and first floor retail or storage.

Footwear giant Crocs occupies the unit at number 33 on a 10 year lease from 2012 at a passing rent of €67,000 per annum with a break option in year five. The unit is rack-rented which is underpinned by the recent letting to Wax in the City at €65,000 per annum in number 32.

Alex Patterson of Bannon "is expecting good interest for the properties given their location, occupier profile and long term potential to amalgamate and/or redevelop".

According to Bannon, Liffey Street Upper "enjoys a high volume of footfall being the primary pedestrian route linking the north and south city's shopping districts".

"[The properties] are ideally located 50m from the core shopping district of Henry Street/Mary Street, and adjacent Marks & Spencer's.

"Directly opposite the subject assets is the Liffey Street entrance to Arnotts which Selfridges recently acquired," Bannon added.

The retail market has been experiencing a resurgence of sorts in recent months, with numerous brands moving to the Henry Street area.

Sunday Independent

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