Monday 19 August 2019

Abbey Street store and café sell for almost €5m

The Spar next to the Jervis Luas stop has had a major redesign
The Spar next to the Jervis Luas stop has had a major redesign
Donal Buckley

Donal Buckley

AN IRISH businessman working abroad in the financial sector is believed to have paid nearly €5m for a premises let as a Spar store and café at the corner of Upper Abbey Street and Millennium Walkway in Dublin 1 next to the Jervis Luas stop.

The joint agents Coldwell Banker Estates and Mervyn Feely and Associates had been quoting €5.2m before reducing the guide price to €4.95m last November.

Extending to 6,846 sq ft (636 sq m), Spar undertook a major redesign of the convenience store last year which saw the introduction of a larger deli counter and restaurant to cater for Luas passengers and people working in nearby offices as well as in the adjoining Stay City serviced apartments.

It is located in the Chapter House and Jervis House mixed use complex developed by Liam Carroll but was not included in the sale of this complex a few years ago to a Tetrarch-led investment consortium.

The private investor has purchased the ground floor unit which generates a passing rent of €392,575 which is guaranteed by the tenant's parent company BWG Foods. It came with the added benefit of eight underground car spaces. Its price suggests a gross initial yield of about 8pc.

The total floorspace is let to Triode Newhill Ltd, a wholly owned subsidiary of BWG Foods, under three leases.

The Millennium Walkway is a link on a tourist and shopping trail which connects the western end of Temple Bar through the Millennium footbridge and Quartier Bloom to Jervis Street shopping centre, Henry Street and the GPO. New hotels and aparthotels are also being developed around this area of Abbey Street.

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