Agent Bagnall Doyle MacMahon is a guiding a combined price of €16 million for two prime investments in the heart of Dublin’s most sought after retail and entertainment district. The Grafton Port Collection, which is available in three lots, extends to over 1,643sq m (17,691sq ft) in total and sits on an L-shaped site of 0.07 hectares (0.18 acres) between Grafton Street and Nassau Street. Combined the properties offer significant long-term income (over 46 years) and redevelopment opportunities.
Lot 1 comprises numbers 4-5 Grafton Street, two mid-terrace four- and five-storey over-basement commercial buildings which extend to 568sq m (6,114sq ft). These buildings are located at the start of the pedestrianised zone close to Grafton Street’s intersection with Nassau Street. The retail element of number 4 trades as O’Brien’s Foodhall while number 5 trades as Swarovski Jewellers. The upper floors (second, third and fourth) comprise vacant office space of 238sq m (2,562sq ft). While these floors will require refurbishment they offer scope for the prospective purchaser to increase the current rent roll. The total passing rent is €490,000 per annum, including phone mast income of €10,000. Offers in excess of €8.7 million are being sought for Lot 1.
Lot 2 comprises numbers 44-47 Nassau Street, a three-storey over-basement licensed premises and nightclub which trades as Tapped and Lost Lane and extends to 1,075sq m (11,577sq ft). This property is held on two long-term leases with a total rent of €521,500 per annum. There is a significant weighted average unexpired lease term (WAULT) of over 46 years. The property is operated by the well-known and long-established Porterhouse Group which specialises in craft beer brewing. Offers in excess of €7.3 million are being sought for Lot 2.
Lot 3 comprises the entire portfolio and both properties abut one another to the rear of Grafton Street and when taken together provide a major redevelopment opportunity. The tenants are not affected by the sale. Lot 3 is guiding at a guide of €16 million reflecting a combined yield of approximately 5.75 per cent allowing for standard purchaser’s costs of 9.96 per cent.
Declan Bagnall of selling agent Bagnall Doyle MacMahon says: “The sale of these two prime investment properties offers an unrivalled opportunity for investors and property developers to acquire a substantial portfolio of assets superbly located within the prime retail and entertainment precinct of Grafton Street. Offering the portfolio in various lots affords maximum flexibility to interested parties. The combined rental income of €1,011,500 is underpinned by an unexpired lease term of over 46 years on the licensed premises which will be of immense interest to long-term property holders.”