Prime Retail and Residential Investment Opportunity
51/52 Mary Street, Dublin 1
28 September, Dublin - CBRE announced today that they are launching 51/52 Mary Street in Dublin 1, a prime city centre retail and residential investment property with a rent roll of €418,200 per annum, to the open market for Sale by Private Treaty.
The modern, mixed use building occupies a prominent position on Mary Street, with extensive return frontage on to Wolfe Tone Street. This is one of Dublin’s principal high street retailing districts with the Jervis and ILAC shopping centres very close by. International retailers in the vicinity include M&S, Penneys, River Island and Topshop, while the very popular Church Bar and Restaurant is located immediately opposite.
The property comprises a four storey corner building with the ground floor retail unit of approx. 2,357 sq ft, in restaurant use and leased to the successful restaurant brand, Nando’s under a 15 year lease from 2011. The current rent for this element is €105,000 per annum, and with the June 2016 rent review outstanding there is potential for a further increase.
The upper floors comprise 17 extensively refurbished apartments in total; 10 x one beds, 6 x two beds and 1 x two bed duplex and provide contemporary living space within the city centre. The 17 apartments are now leased in their entirety to Roomyield Hospitality Ltd. for a term of 4 years and 9 months from September 2016. The passing rent on this section is €313,200 per annum. Roomyield Hospitality trading as Keycollection.ie operates a number of similar, successful short let residential schemes in the city centre.
CBRE are offering a guide price of €7.75 million for the entire, which equates to an initial yield of 5.17%, net of standard purchasers costs.
We anticipate that this modern, mixed use investment will appeal to a range of buyers including private investors, specialist funds and even institutions given the location and quality of both the restaurant unit and the extensively refurbished residential units.
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.