50 Grafton Street Sells Off Market
Dublin, 20TH June 2016 – Irish Life has just completed the acquisition of 50 Grafton Street from a private investor for a price of €6.75m.. . Irish Life now controls No’s 47 (leased to Ecco), 48 ( leased to Vodafone), 49 (leased to Londis) and 50 (leased to Three Ireland) Grafton Street, with a combined rent roll of €1.1m.
The entire No. 50 building is let to O2, now Three Ireland, under a full repairing and insuring lease with over 7.5 years remaining on the term. The four storey over basement building extends to a total of approximately 2,400 sq ft. The current rent payable is €380,000 per annum so Irish Life will see an initial return of 5.4%. While Three is not in occupation they are expecting to agree letting terms shortly to sub- let for the remaining term of the lease.
The unit occupies an excellent pitch on the street situated diagonally across from the main entrance to St Stephen’s Green Shopping Centre. Other notable occupiers on this part of the street include The Disney Store, Vans and Lifestyle Sports. Grafton Street continues to be a very popular destination particularly for new entrants to the market. Tenants who have recently agreed lease terms on the street include Dune, & All Other Stories, Molton Brown and Space NK.
This brings Irish Life’s ownership on Grafton Street to 17 units following its acquisition of the Sovereign Portfolio in 2015.
Martin O'Reilly, Head of Property at Irish Life Investment Managers commented: ”The acquisition of 50 Grafton Street enhances the scale and tenant diversification of this prime retail parade in our fund’s ownership and provides a number of interesting value accretive asset management opportunities across the four property block.”
CBRE advised Irish Life on the transaction.
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.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.