Sunday 18 February 2018

Portfolio of 13 office and retail units go on the block with €118m guide price

Peter Flanagan

Peter Flanagan

CBRE have been retained to sell a portfolio of retail and office buildings in Dublin and Cork with a guide price of some €118m.

The portfolio is being sold by Royal London Asset Management - a UK-based investment firm.

The portfolio is made up of eight retail properties in Dublin and Cork, as well as five office buildings.

The properties are producing a combined annual yield of €7.4m.

According to CBRE, buyers will be able to bid for the office and retail portions of the portfolio separately. Retail accounts for 61pc of the portfolio, with the remainder made up of office space.

The Retail portion comprises 7-11 Grafton Street, 85-86 Grafton Street, 56-58 Dawson Street, 6-7 Dawson Street, 51-52 Henry Street, 43-44 O'Connell Street, 5 GPO Buildings Henry Street, No. 11 Patrick Street Cork

7 to 11 Grafton Street is made up of four terraced retail buildings extending to approximately 28,354 sq ft. The site itself extends to nearly a quarter acre. The building is multi-tenanted and let to three retailers: McDonalds, Office and The Body Shop. There is a separate entrance to the upper floors which are in use as office accommodation and let to the Language Institute. The property produces a total income of €1.82m per annum.

85 to 86 Grafton Street is a four storey over basement multi-tenanted building let to C& J Clark International, Pamela Scott and two office occupiers. The building extends to 12,036 sq ft. The building is laid for retail at ground, first and basement level. There are two floors of offices. The property is let to four tenants producing a total income of €702,948 a year.

56 to 58 Dawson Street is a period building with a facade featuring ornate mouldings and dormer windows. The property is a four storey over basement building extending to 27,854 sq ft. The building is occupied by Waterstones Ireland Limited in its entirety who are contracted to pay an annual rent of €505,688 per annum. The lease has expired.

6 to 7 Dawson Street is two terraced buildings of 18,720 sq ft. The entire is laid out to provide two self-contained retail units let to Optica and Tower Records. The property is let to four tenants producing a total income of €324,050 per annum

51 to 52 Henry St extends to 6,730 sq. It is let to Vodafone and Telefonica Ireland Limited, which has been sublet to Brown Thomas & Co. t/a Mac @BT2. 43 to 44 O'Connell Street extends to 8,470 sq ft in total.

11 Patrick Street in Cork is a two storey building. The property is currently available to let, subject to a rent of €125,000 per annum.

5 GPO Buildings Henry Street comprises a ground floor retail unit extending to 1,774 sq ft in total. The building is leased to 02 Communications Ireland Limited in its entirety produces a rent of €410,000 per annum. Adjoining occupiers include Hickeys Pharmacy, Korky's Shoes, Pull & Bear and Mango among others.

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