Commercial Property

Thursday 31 July 2014

Scramble expected for listed Stephen's Green shop

Peter Flanagan

Published 15/06/2014|02:30

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Investment: Agents are quoting €2.5m for this prime property

A PRIME investment property in the centre of Dublin has been put up for sale with a €2.5m asking price.

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BNP Paribas Real Estate have been retained as agents for the listed building at 12 Stephen's Green.

BNP's Mervyn Ellis is offering the property, which is located between Grafton and Dawson Streets, for sale by private treaty. It is being sold with the benefit of full vacant possession.

It is currently trading as a Londis convenience store on the ground floor and basement, with three floors of offices overhead, the four storey over basement building extends to a total floor area of 422 sq m.

The ground floor accommodation extends to 157 sq m with a further 72 sq. m of storage space in the basement.

This size of ground floor retail space in such a prime location is seen as being difficult to secure in Dublin city centre at present, and Mr Ellis believes that it should attract strong interest from owner-occupiers seeking a retail outlet in a prime location or investors looking to acquire a top-level city centre investment.

"Recent lettings on the streets surrounding Grafton Street include Cos on Wicklow Street, H&M on College Green, Tower Records on Dawson Street, Nespresso on Duke Street, Benefit on South William Street and Inglot on South Anne Street, clearly highlight the level and quality of demand for city centre opportunities," he said.

"As a result 12 St Stephens Green is likely to attract a lot of interest given that adjoining retail occupiers include Elverys Sports, Coast, Top Shop, Oasis, Reiss and Insomnia in addition to the lack of good retail opportunities in this part of the city," he added.

A rent in the region of €140,000 could be expected for the retail space and basement storage in the event that it is offered to lease.

The upper floors have separate access and are currently in office use. The floors are typical of this era of building and are in need of an upgrade.

As it extends to a total of 191 sq. m, and given the strength of the location and the well documented shortage of office space in Dublin 2, a minimum rent in the region of €45,000 per annum (€235 per sq. m) could be achievable subject to being presented to modern specifications.

There has been a rash of retail outlets changing hands or being let in the Grafton Street area in recent months. Last year there were as many as nine retail units unoccupied on the street, but that has been reduced to just one.

There have also been a number of retailers moving properties in the area as landlords become more flexible in their terms for retailers.

HMV moved into the former A-Wear building on Grafton Street when it returned to the area after an absence of more than a year. It is believed HMV are paying about half what they paid in rent for their old, larger premises on the street.

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