€3.25m for docklands retail portfolio

A portfolio of shops in the fashionable south docklands has come on the market by tender through DTZ Sherry FitzGerald for €3.25 million.

The portfolio, located at Gallery Quay overlooking Grand Canal Basin and near the Bord Gáis Energy Theatre, is fully let and currently producing a rental income of €200,840 – €169,000 less than the contracted rent.

Rental negotiations are ongoing which, if completed, would see the gap between the contracted rent and the rent received reducing to €132,500.

In addition, there is a rent-free period which expires in quarter two 2016, which will see the rent receivable rise by another €30,000 per annum.

The retail element has a strong tenant mix, including Donnybrook Fair, The Grafton Barber, Crystal Boat restaurant, Il Valentino, GSN Pharmacies and Educogym.

The latter three tenants occupy corner profiles on Pearse Street and Macken Street, while the remaining units overlook the Grand Canal Basin. In all, there are 932sq m (10,036sq ft) of retail space and 10 basement car-parking spaces for sale.

Retail units vary in size from 15.1sq m (163sq ft) to 251.8sq m (2,710sq ft) and are set out over ground, first and basement levels. Completed in 2006, Gallery Quay comprises 300 apartments, 972sq m (10,460sq ft) of retail space and 230 car-parking spaces.

Karl Stewart, head of retail at DTZ Sherry FitzGerald, expects plenty of interest "in this investment due to the attractive location, lot size and increasing strong demand for retail investments".

Tender bids are due by 5pm on December 11th.