Sunday 21 January 2018

Prominent space on Grafton Street goes up for sale with €40m price tag

Michael Cogley

Michael Cogley

Real estate firm Savills has launched the Grafton Collection, a series of properties that spans some of Grafton Street and Duke Street.

The collection has gone up for sale with a price tag of €40m for the buildings that are currently leased by Nespresso, Claire's, Fields, and Hickey's Pharmacy.

The sale represents one of the most significant high street retail investment sales to occur in Ireland in recent years. the guide price equates to an initial net yield of 4.62pc and is being offered for sale in its entirety or as two different lots.

The portfolio is made up of 21-23 Grafton Street and 24 Duke Street (which make up lot one), and Creation Arcade, which fronts onto Duke Street, Lemon Street and Duke lane (which makes up lot two).

Savills said the combined revenue from the properties is around €1.95m per year.

Director of investments Domhnall O'Sullivan said the real estate firm is expecting strong interest for the assets.

"The Collection offers high profile assets on Ireland’s premier retail street, with an evolving retail sector and an increase in occupier demand, Grafton Street is witnessing strong rental growth making it a number one choice for investors," he said.

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