Agent Colliers is guiding a price of €3.1 million for a high-profile mixed-use investment at 30-31 Lower O’Connell Street in Dublin city centre.
The property, a four-storey over-basement building of 800sq m (8,617sq ft), comes for sale fully let to two tenants and is generating overall annual rental income of €270,000. Should a sale proceed at the guide price, the new owner would be in line for a net initial yield of 7.67 per cent, after standard purchaser’s costs.
Number 30-31 occupies a prominent location on O’Connell Street. The property sits just three doors down from the redeveloped Clerys Quarter and almost directly opposite the GPO and the entrance to the Henry Street retail area.
The ground floor of the building has an area of 261sq m (2,812sq ft) and a basement of 259sq m (2,785sq ft), comprising a total floor area of 520sq m (5,598sq ft) let to leading outdoor clothing and equipment retailer, Mountain Warehouse, on a 10-year lease commencing September 2019, at a rent of €215,000 per annum, with a tenant break option in May 2027.
RM Block
The upper floors, which extend to about 280sq m (3,019sq ft) over three floors, are in office use and fully let to Element Pictures, on a 20-year lease commencing November 2018, at a rent of €55,000 per annum, with a tenant break option in October 2028. The property has a weighted average unexpired lease term (WAULT) of about 2.07 years to break and 5.92 years to expiry.
Michele McGarry of Colliers says: “This is a compelling opportunity to acquire a fully let mixed-use asset on one of Ireland’s most prominent streets, underpinned by tenants with strong brand recognition and proven trading performance.”
