Starbucks makes over guide

Allsop Space has secured €3.1 million – €600,000 above the guide price – for a high profile commercial property investment which includes Starbucks at Rock Hill on Blackrock's main street in south Dublin. The net yield will be 5.3 per cent.

The former post office is occupied by Starbucks, Educogym and Southside Partnership. The reserved rent of €263,000 is currently abated to €172,000.

The mid-terrace building with its protected cut-stone façade has a three-storey modern extension to the rear offering ground floor access to the retail facilities. The building has been extensively glazed on the seafront side and has two outdoor terraces with balconies. The three-storey building has an overall floor area of 660 sq m (7,107 sq ft). Starbucks is the anchor tenant, paying an abated rent of €90,000 rather than the reserved rent of €150,000. Its 20-year lease runs from 2007.