Mixed Use Building Just A Stones Throw From Grafton Street Comes To The Market
Dublin, 19th January 2017 –CBRE have launched St Andrews House to the market for sale by private treaty. The property comprises 22 -34 Exchequer Street and 4-5 South William Street, a mixed use building of approximately 1,465 sq. m. (15,722 sq. ft.). CBRE are quoting €8,300,000 for the property, equating to a net initial yield of 6.14%.
St Andrews House comprises 7 retail units, five of which front onto Exchequer Street and two which front onto South William Street. The area, which in 2012 was dubbed ‘The Creative Quarter’, has in recent years been rejuvenated into a trendy and thriving retail destination. The retail units are occupied by a varied tenant mix including Graham Shoes, Patagonia, Cowboys and Angels and Skinfull Affairs and producing an annual rental income of approx. €392,000 per annum. There is currently one vacant retail unit, 30 Exchequer Street which is on the market to let and quoting an annual rent of €75,000.
The upper storeys of the property comprise three floors of office accommodation totaling 645 sq. m. (6,943 sq. ft.), accessed from Exchequer Street. Each floor level comprises approx. 204 sq. m. (2,200 sq. ft.) of bright, spacious office accommodation which is laid out in traditional Georgian style. The floor plates can accommodate two tenants per floor, divisible into two 102 sq. m. (1,100 sq. ft.) units. The offices are part let to a number of tenants including Joseph Deane Solicitors and The Simon Community. The office accommodation is currently producing a rental income of €103,000 per annum with the opportunity to increase this through the letting of vacant space.
In addition, there are three residential units included in the sale which are accessed from South William Street. These units comprise two bedroom apartments of approx. 93 sq. m. (1,000 sq. ft.) and are laid out to provide living room, kitchen, bathroom and two double bedrooms.
The entire is producing a rental income of approx. €532,000 per annum; a number of ongoing negotiations are expected to bring the total rental income in excess of €600,000 per annum in the short term.
I expect very strong interest in this asset, this area of the city is currently thriving and there is significant occupier demand for retail units. The building offers an investor the opportunity to acquire a large piece of real estate within metres of Grafton Street where prime yields are now at 3.25%.
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.