Record company's old city premises on Dublin's Westmoreland Street going for a song
An unusual opportunity for a retailer or investor to acquire premises on one of Dublin's busiest city centre streets is on offer at 5 Westmoreland Street, Dublin 2.
Claddagh Records, the traditional Irish music company famous for its recordings of The Chieftains and other Irish music groups, is planning to vacate the premises.
This presents an opportunity for a retailer at a very keen rent of only €700 a year for the remaining 35 years of its lease. That's way below market rents.
Indeed, Claddagh Records' lease was at a contracted rent of €40,000 a year but Claddagh's lease was a sub lease to the lease which agent Knight Frank is now marketing.
Consequently, the estate agent is quoting key money of €400,000 to acquire the leasehold interest on the 99- year lease which began in September 1953 when the rent was fixed at only £550 (old Irish pounds) a year for the full term.
The prime retail unit extends to 110.3 sq m (1,187 sq ft), spread over three levels, ground, basement and mezzanine and benefits from a shop front five metres wide.
Adrian Trueick, of Knight Frank, says that the city centre property is being marketed with vacant possession and provides the opportunity for a retailer to acquire a long-term presence on one of Dublin's main thoroughfares at a nominal rent.
"Alternatively the property may be acquired by an investor, with potential to sub-lease the shop at an estimated rent of over €55,000 per annum," he adds.
As well as the record retail store, Claddagh Records, which is chaired by Garech de Brun, operates a number of other aspects of its business from the Westmoreland Street premises including its music publishing, wholesaling and website.
It also operates a shop at Cecilia Street in Temple Bar.
The Westmoreland Street property, which is metres away from College Green, benefits from being on a prime pedestrian route linking the retail hubs of both Grafton Street and O'Connell Street.