Agent Lisney is quoting a price of €1.95 million for a prime retail investment in one of Dublin city centre’s most sought-after locations.
Number 19 Wicklow Street is a high-profile mixed-use building with long-term income and reversionary potential. The property, just 130m from Grafton Street, comprises a four-storey over-basement building, occupied by well-established tenants: the popular vegetarian and vegan restaurant Cornucopia, and tailor Louis Copeland, who have both been trading from the building since 1992.
The building extends to about 3,115sq ft on a net internal basis and is leased to the two aforementioned tenants under three separate agreements, generating a combined passing rent of €140,000 annually. The weighted average unexpired lease term (WAULT) is 9.3 years to the break option and 9.9 years to expiry. There is further potential for rental growth via the refurbishment and letting of the third floor.
The quoting price of €1.95 million equates to a net initial yield of 6.53 per cent, with a vacant third floor.
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Thomas Byrne of Lisney’s investment division says: “We expect this property to attract considerable interest from a number of investors owing to its established tenant line-up, attractive remaining lease term and potential to increase the passing income through the letting of the vacant third floor. It’s a great opportunity to acquire a long-term investment opportunity in an excellent city-centre location.”
