A new Zone A rent level for Dublin's Grafton Street has been set with the letting of the former American Express shop to Lush, the UK-based cosmetics multiple. The company has agreed a rent of over £100,000 for 1,000 sq ft at street level and about the same size in storage in the basement. The rent is believed to breakdown at close to £270 per sq ft for Zone A - £20 a sq ft above the existing record on the street. Interestingly, Lush will not be paying a premium. It is not known if there is a rent-free period or whether the landlord will be fitting out the premises.

Colliers Jackson-Stops, which handled the letting, said it was not in a position to confirm the rent, which is likely to be used as a precedent for several other rent reviews due to take place over the coming weeks including the rents on Miss Selfridge, Monsoon, Next and Vero Moda.

The new Zone A level is all the more surprising because the shop is located at the bottom of Grafton Street, which has always been seen as the weakest trading pitch on the street.

Property developer John Ronan, who purchased the building from American Express over two years ago for around £1 million, is currently converting the upper floors into four apartments.