independent

Thursday 17 April 2014

CHQ centre on market for knockdown price of €10m

THE CHQ shopping centre in the heart of the International Financial Services Centre is to come to the market with a €10m price tag.

This would be about 20pc of the €50m which the Dublin Docklands Development Authority (DDDA) spent on the refurbishment of the former bonded warehouse.

At present only 20pc of its 100,000 sq ft of lettable space is occupied, but as it is currently generating rents of around €500,000, an investor could generate a gross yield of around 10pc by adding just a few occupants.

Including its attractive basement, as well as its ground level walkway areas, its total floor area extends to 150,000 sq ft.

Tenants

Most of the tenants are in the catering business meeting the lunchtime and local trade from the financial services staff working in the IFSC.

They include coffee chains Insomnia and Starbucks, salad bar Toss'd Noodles & Salads, wine store Mitchells and Ely restaurant.

Other retailers include Carphone Warehouse, Go, The Hand Bag Store and a florist.

Men's fashion chain Louis Copeland is also reported to be happy with the business, which its store generates from the well-heeled executives working in the surrounding offices, as well as those living in the nearby apartment blocks.

Lisney are understood to have been appointed as agents to handle the sale.

Once mooted as a possible museum, it's thought that the CHQ centre could generate a strong leisure trade if it had more leisure attractions, which would appeal to the tourists and the delegates visiting the nearby National Convention Centre.

However, its key challenge has been that the strong IFSC footfall is confined to the five day business week and DDDA efforts to attract week-end leisure activity to docklands has been confined to major events and festivals.

Irish Independent

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