Wednesday 26 September 2018

47-48 O'Connell St at €8m offers 5.51pc initial yield

Nos 47-48 O’Connell St
Nos 47-48 O’Connell St
Ronald Quinlan

Ronald Quinlan

Agent CBRE is quoting a price in the region of €8m for 47-48 O'Connell Street in Dublin city centre, a prime investment opportunity occupied by international footwear retailer, Schuh.

Located on the western side of O'Connell Street between O'Connell Bridge and Henry Street, the property is a four-storey, over-basement building extending to 907 sq m (9,761 sq ft).

The premises is let to Schuh (Ire) Ltd on a 25-year FRI (full repairing and insuring) lease from July 2000.

The lease has over seven years unexpired at rent of €480,000 per annum and incorporates five-yearly, upwards-only rent reviews.

Based on the property's €8m asking price, the prospective purchaser can expect to secure a net initial yield of 5.51pc.

O'Connell Street and its surrounding area is undergoing a significant revival owing to a number of current and planned projects, including the recent opening of the Luas Cross City line, the planned redevelopment of the former Clery's department store, the proposed delivery by UK shopping centre giant, Hammerson, of the Dublin Central site, and the Selfridges Group's €11m refurbishment of Henry Street department store Arnotts.

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