Dublin,
31
October
2018
|
09:00
Europe/Dublin

CBRE Launches Prime Flagship Retail Opportunity For Sale Or To Let On Dublin’s Most Historic Street

43 - 44 O’Connell Street, Dublin 1

Dublin, October 2018 – CBRE is delighted to offer 43-44 O’Connell Street to the open market. This flagship building is a prime retail/office opportunity available immediately For Sale by Private Treaty or To Let with vacant possession.

The historic property dates back to the 1920s and occupies a high-profile busy location on the corner of O’Connell Street and Middle Abbey Street. The property boasts a five storey over basement ‘Portland Stone’ facade and comprises a total Gross Internal Floor Area of approximately 948.3 sq. m. (10,207 sq. ft.). It provides retail accommodation at ground floor level with office on the upper floors and ancillary accommodation at basement level. The upper floors can be accessed separately from Middle Abbey Street.

It is understood the building is listed as a protected structure and is also located in the O’Connell Street Conservation Area.

Bernadine Hogan, Senior Director, Retail Department
The building appears to have been structurally well maintained, however it will need refurbishment works to the internal areas. It is suitable for a variety of uses with the office accommodation being accessed separately, if required. It offers huge potential for owner occupiers, investors, developers or general leasing occupiers. We are expecting strong interest in the property as O’Connell Street is very much undergoing positive change and will improve over the coming years with iconic retail, office and hotel redevelopments.
Bernadine Hogan, Senior Director, Retail Department

O’Connell Street is the main thoroughfare connecting the north inner city to the south via O’Connell Bridge. The immediate surrounding area is dominated by buildings of historical significance, including the GPO, located 100 meters to the north, making it one of Dublin’s most visited tourist destinations. Furthermore, it is expected that the future redevelopment of Clery’s and the Dublin Central site (c. 5 acres), will strengthen and transform the surrounding area.

The area is serviced by all forms of public transport including the Luas, Dublin Bus, Dublin Bikes, Dart/Rail, Busaras and various carparks such as Arnotts, Jervis Centre, Jervis Street and Parnell Street.

Occupiers on the street include Eason, Penny’s, Schuh, Footlocker and McDonalds to name a few and with its close proximity to Henry Street the area is frequented by high numbers of shoppers. O’Connell Street is one of Dublin’s main pedestrian thoroughfares with a footfall of approximately 18 million per annum. This thoroughfare directly connects O’Connell Bridge to Henry Street. The area has undergone significant upgrades in advance of the 1916 centenary celebrations to promote the historic importance of the street and the surrounding area. It has also undergone extensive Luas works connecting the south links to the north.

There are a number of proposed developments in the immediate vicinity: – the redevelopment of the former Carlton Cinema site, comprising c. 5 acres and known as Dublin Central; the proposed redevelopment of the former Clery’s Department Store; the recent announcement from Selfridges for a €11 million upgrade to Arnott’s Department Store on Henry Street; the opening of the Holiday Inn earlier this year and the refurbishment of the Gresham Hotel.

Recently CBRE was also marketing the investment of the Schuh store located at 47/48 O’Connell Street. Interest was strong and it is understood it has now transacted to a private investor for just under €8 million providing for an initial yield of 5.75%.

For 43/44 O’Connell Street, CBRE is inviting offers for the Freehold interest (vacant possession) in excess of €5.5 million and is expecting rental offers in the region of €275,000 per annum for a new long term standard FRI lease.

For further information please contact, CBRE Bernadine Hogan 01 618 5744 or Robert Gardiner 01 618 5597

About CBRE

CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 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 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, 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