Home of One Pico heads for auction with reduced guide price

The home of renowned Dublin restaurant One Pico has come back on the market at a lower asking price of €1.5 million, ahead of an auction next week.

The property, located at 5 and 6 Molesworth Place and 1 Schoolhouse Lane, was first offered for sale, with the award-winning restaurant in place as tenant, last October for €1.95 million.

It has now returned to the market with an asking price of €1.5 million and will be auctioned by BidX1 on Thursday, October 7th.

The classic French restaurant has resided at the address for some 20 years, during this time becoming one of the standouts of the Dublin dining scene. While closed for some time due to the Covid-19 restrictions, it has been back serving tartare, turbot and pistachio to financiers for some time now.

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The property comprises a prominent two-storey corner site and extends to about 203.44sq m (2,190 sq ft) net internal area and 278.14sq m (2,994sq ft) gross internal area.

Lease

The ground floor includes the main restaurant area, reception, kitchen and stores. The first floor comprises a private dining room (The Polo Room), an office, staff changing and WC facilities together with customer WCs. The property offers potential for mixed use development.

Frossway Ltd, trading as One Pico Restaurant, is over-holding on an occupational FRI (full repairing and insuring lease) which expired in 2008 with a current contracted rent of €110,000 a year.

The lease covers number 4A Molesworth Place, the freehold interest of which is not included in the sale. The net rent receivable for 5 and 6 Molesworth Place and 1D Schoolhouse Lane is €99,000 a year, indicating a net initial yield of about 6 per cent.

In recent years, Molesworth Street and the surrounding area has witnessed unprecedented levels of office development and is now home to several large-scale corporate occupiers to include AIB, Barclays, Goshawk and Maples Group among others.