Prime Retail Investment Opportunity For Sale Guiding €18.5 Million
14-16 Mary Street Launched to Market by CBRE
Dublin, 3 May 2017 – Property advisors CBRE are delighted to launch 14-16 Mary Street to the market for sale by Private Treaty, quoting €18.5 million. The property is located along Mary Street which combined with Henry Street is one of the primary retailing thoroughfares in Dublin. The property is fully let by McDonald's Restaurants of Ireland Limited on a 35 years FRI lease from December 1998 with no break option, leaving a residual term in excess of 16.5 years to expiry. The property is producing a rent roll of €733,000 per annum. McDonalds originally commenced trading in Ireland in 1977 on Grafton Street, and have since grown to operate over 80 stores in the Republic of Ireland. This sale offers an excellent opportunity to benefit from a now recovering retail sector as demand from retailers for prime high street accommodation continues to grow. CBRE anticipate a strong level of interest given the high profile location, secure income profile combined with investor appetite for prime retail stock.
14 – 16 Mary Street benefits from dual frontage and holds a prominent position overlooking Mary Street and Jervis Street. The property is situated to the south side of Mary Street and adjoins Jervis Shopping Centre, one of the leading Shopping Centres in Dublin. Jervis Shopping Centre boasts an impressive tenant mix which includes Top Shop, Forever 21, Next, Marks & Spencer and Tesco.
14 – 16 Mary Street spans three storeys over basement and extends to a total net internal area of approximately 1,045 sq.m (11,247 sq.ft). The property is laid out to provide retail accommodation at basement and ground floor extending to 516 sq.m (5,553 sq.ft). There are two floors of office accommodation overhead extending to approximately 529 sq.m ( 5,694 sq.ft). The offices can be accessed via a separate entrance along Jervis Street and are finished to a modern specification.
With positive retail spending between 2013 -2016, CBRE estimates there have been 7 transactions of Henry & Mary Street assets accounting for approximately €120 million. 79% of the properties were acquired by Irish Institutions such as Irish Life and IPUT, whereas 22% were acquired by Private Irish Landlords. Today CBRE estimates that 64% of the retail buildings on Henry & Mary Street are in the ownership of Pension Funds/Institutions & REIT’s such as Irish Life, IPUT, State Street and Hammerson while 23.2% are in the ownership of Private/Individuals and owner occupiers. One of the most recent sales on the street included No.35 Henry Street acquired by Friends First for €9.5 million which attracted interest from local Institutional & European Investors.
The sale of 14- 16 Mary Street offers an excellent opportunity to acquire a prime retail asset boasting a long secure income profile. The property is well positioned to benefit from rental growth in the retail sector and is likely to appeal to both international and Irish institutional investors keen to secure a presence on the street.
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.
CBRE U.C., registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company, now employing over 132 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.