Ownership of another of Dublin’s high street shops has changed hands as the deadline for the capital gains tax exemption fast approaches.

Natalie Brennan of CBRE had been quoting €1 million for the Cinders shoe store at 22 Wicklow Street but with 16 bidders chasing the investment it was eventually knocked down at €1.6 million – €600,000 above the guide.

The price works out at €8,610 per sq m (€800 per sq ft) and with the overall rent at €68,900 the new owner will get an initial return of 4.12 per cent.

Rent roll

Cinders is paying a rent of €50,000 for the ground floor and basement under a 20-year lease from March 1998.

The company, which has a break option in 2018, has four shops in Dublin and one each in Galway and Naas. The three upper floors of the building are rented at €18,900 a year by Done Deal, the classified online advertising website.

The mid-terrace four-storey redbrick building has an overall floor area of 182.41sq m (1,963sq m) including a single storey extension to the rear.