O’Connell Street Retail Investment For Sale
Tenant Not Affected
47-48 O’Connell Street launched to market by CBRE
Dublin, 24th May 2018 – CBRE are delighted with the response to the launch of 47-48 O’Connell Street brought to the market for sale by way of private treaty the week before last. The building, occupied by Schuh on annual rent of €480,000, is superbly positioned on O’Connell Street, situated between O’Connell Bridge and Henry Street. CBRE are quoting a price in the order of €8,000,000 for the premises which equates to a net initial yield of 5.51%.
47-48 O’Connell Street, a four storey over basement property extending to 907 sq. m. (9,761 sq. ft.) is let to Schuh (Ire) Ltd. on a 25 year FRI lease from July 2000. The lease has over 7 years unexpired at rent of €480,000 per annum and incorporates 5 yearly, upwards only rent reviews. Schuh, an international footwear retailer, operates 118 stores across the UK and Ireland. There are 10 stores in the Republic of Ireland including six in Dublin.
The property is located on the western side of O’Connell Street close to the Henry Street junction, one of Ireland’s premier retail locations. Henry Street has a strong and growing footfall of 30 million people per annum and is home to the Ilac and Jervis Shopping Centre’s, the GPO Arcade and Arnott’s Department store as well as a host of international retailers.
O’Connell Street is one of Dublin’s oldest thoroughfares and attracts a large number of tourists due to its historic significance. There are a number of iconic statues and historic monuments located on the street including The Spire and the O’Connell Monument. O’Connell Street is best known for being the scene of the 1916 Rising and the area has recently undergone a significant upgrade for the centenary including an upgrade to the GPO building.
47-48 O’Connell Street is very well connected by public transport including Dublin Bus, Luas Red Line, Luas Cross City and Dart. The recent opening of the Luas Cross City has boosted the connectivity and pedestrian flow between north and south city and has further connected O’Connell Street to the north suburbs.
The O’Connell Street area is continuously evolving with new infrastructure and developments including the planned re-development of the former Clery’s Department Store and the re-development of the Dublin Central site, which is owned by shopping centre specialist Hammerson. The Selfridges Group, which owns and operates Arnott’s Department Store, has also recently announced a €10 million re-fit of their store, which shows significant confidence in the future of the area as an established retail destination.
“There has been a strong level of interest from both private investors and smaller funds who see the advances on the street in recent years and appreciate the potential for future growth with the arrival of the LUAS and numerous expected developments both on O’Connell Street and the surrounding area.”
About CBRE Group, Inc.
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 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