Prime retail investment on Wicklow Street priced at €1.95m
Quoting price of €1.95 million equals a net initial yield of 6.53%, with a vacant third floor
7 July 2023
Agent Lisney is currently offering one of Dublin’s most sought-after locations, with an quoting price of €1.95 million.
Number 19 Wicklow Street, which is just 130m from Grafton Street, comprises a four-storey over-basement building, occupied by vegetarian and vegan restaurant Cornucopia, and tailor Louis Copeland, who have both been trading from the building since 1992.
A mixed-use property with long-term income and reversionary potential, the building extends to about 3,115sq ft on a net internal basis and is leased to the two aforementioned tenants under three separate agreements, resulting in a combined passing rent of €140,000 annually.
The Irish Times reports the weighted average unexpired lease term (WAULT) is 9.3 years to the break option and 9.9 years to expiry. There is further potential for rental growth via the refurbishment and letting of the third floor.
The quoting price of €1.95 million equates to a net initial yield of 6.53%, with a vacant third floor.
“We expect this property to attract considerable interest from a number of investors owing to its established tenant line-up, attractive remaining lease term and potential to increase the passing income through the letting of the vacant third floor,” said Thomas Byrne of Lisney’s investment division.