Mixed-use investment off Grafton St has scope for development at €6.5m

The prospect of securing immediate rental income coupled with the opportunity to pursue a range of development options over the longer term should help to drive the sale of Textile House on Dublin’s Johnson’s Place.

Located within a short walk of St Stephen’s Green and Grafton Street, the subject property is being offered to the market by agent Colliers at a guide price of €6.5 million.

Textile House currently comprises a two-storey commercial building extending to a total floor area of 1,058sq m (11,398sq ft). The building is occupied by a mix of tenants with three vacant retail units fronting Johnson’s Place and two two-storey cafe/restaurant units opening on to Clarendon Market. There are three office suites on the first floor with access on to Johnson’s Place. While the occupied units are currently producing a total rental income of €192,100 per annum, the selling agent believes up to €511,000 per annum could be achieved if the appropriate asset management strategy is adopted.

Strong retail presence

The site itself measures 0.061 hectares (0.148 acres) and has 18.5m (60.6ft) of frontage on to Johnson’s Place and 28m (91.8ft) of frontage along Clarendon Market. The entire site is zoned Objective “Z5”, the aim of which is “to consolidate and facilitate the development of the central area, and to identify, reinforce, strengthen and protect its civic design, character and dignity”.

Fitzwilliam Lane offices quoting rent of €38 per sq ft

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The immediate area is home to a wide selection of bars, restaurants and cafes. The opening of the nearby Marlin Hotel, Premier Inn and the refurbishment of the Grafton Hotel also add to the overall footfall of the area. There is also a strong retail presence nearby with St Stephen’s Green Shopping Centre and the newly-developed Chatham and King both linking directly to Grafton Street.

Nigel Kingston of Colliers says: “This is a significant opportunity to generate a strong rental income in the short term, with clear redevelopment potential for retail, offices, leisure or hotel use.”