Prime Retail Investment Opportunity For Sale Guiding €4.5 Million
119 St. Stephen’s Green launched to market by CBRE
Dublin, 30th August 2017 – Property advisors CBRE under the instruction of the Receiver, Ken Tyrrell of PwC are delighted to launch 119 St. Stephen’s Green to the market for sale by Private Treaty, quoting €4.5 million. The property is located in close proximity to St. Stephen’s Green Shopping Centre which leads onto Graton Street making it one of the primary retailing thoroughfares in Dublin. The property is fully let to Shanahan’s on the Green on a 35 years FRI lease from December 1989 with no break option, leaving a residual term of 7.2 years. The property is producing an abated rent roll of €240,000 per annum. Since opening Shanahan’s has established itself as one of Ireland’s premier fine dining restaurants. This sale offers an excellent opportunity to benefit from a recovering retail sector as demand from retailers for high street accommodation continues to grow. CBRE anticipate a strong level of interest given the high profile location, combined with investor appetite for prime retail stock.
119 St. Stephen’s Green holds a prominent position overlooking St. Stephen’s Green. The property is situated to the west side of St. Stephen’s Green which is well serviced by the Luas Green Line and Dublin Bus. This location benefits from a large amount of footfall due to its proximity to the green for tourism, shopping & work.
119 St. Stephen’s Green spans four storeys over basement and extends to a total net internal area of approximately 600 sq.m (6,458 sq. ft). Originally constructed by Richard Cassels just before 1750 when he was living in Proud’s Lane. The building is a splendid example of Cassells’
legacy as a leading architect of Georgian Dublin. In 1895 the property was converted into commercial use and has housed a number of professionals until it was changed to restaurant use in 1985. The property is laid out to provide restaurant accommodation at basement, ground floor and first floor extending to 409.7 sq.m (4,410 sq. ft). The second floor is in use as an office extending to 87.51 sq. m (942 sq. ft) while the third floor extending to 102.84 sq m (1,107 sq. ft).
Between 2013 -2016, CBRE estimates there have been 7 transactions of St. Stephen’s Green assets accounting for approximately €328 million. 71% of the properties were acquired by Private Institutions such as CNP Assurance and Kennedy Wilson, whereas 29% were acquired by Irish Institutions.
The sale of 119 St. Stephen’s Green offers an excellent opportunity to acquire a prime asset boasting a prominent profile. The property is well positioned to benefit from capital appreciation and is likely to appeal to both international and Irish institutional investors keen to secure a presence on the street.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 135 employees, we work with occupiers, investors and developers of office, industrial and logistic, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie