Wicklow Street shop makes €600,000 over guide price

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.