Dublin headquarters of Carrolls Irish Gifts seeks €6.9m

Unit 20 Fonthill Business Park is occupied by hugely successful retailer on new long-term lease

Investors looking for immediate rental income supported by a strong tenant covenant will be interested in the sale of Unit 20 at Fonthill Business Park in Dublin 22.

The property, which extends to 39,721sq ft, is held on a long-term lease by the hugely successful Carrolls Irish Gifts Unlimited Company for a term of 15 years from September 25th, 2022, and is generating annual rental income of €417,071 (€10.50 per square foot). The sale of the unit, guiding at a price of €6.9 million through agent Savills, offers the prospective buyer the opportunity to secure a net initial yield of 5.5 per cent (after standard purchaser’s costs of 9.96 per cent). The investment comes with the added benefit of CPI-linked rent reviews with a cap-and-collar of plus 3 per cent and minus 3 per cent annually.

Unit 20 briefly comprises a detached industrial unit on a large self-contained site of about two acres, and benefits from a warehouse clear internal height of 9.4 metres, a gated yard to the rear, and front and rear access. The unit includes ancillary offices over two storeys comprising 9,399sq ft. Carrolls Irish Gifts took occupation of the building as their new headquarters in 2022 and has since upgraded the office element to a high finish.

Carrolls Irish Gifts is one of Ireland’s leading retailers and is 100 per cent Irish owned. The company, established in 1982, stocks numerous items either associated or produced by Ireland’s most famous brands, including Guinness and Newbridge Silverware. Carrolls trades from a number of city-centre locations including high-profile units on Dublin’s prime streets. The company recently announced its expansion to a new flagship Dublin premises at 6-8 College Green.


Carrolls has 18 shops throughout the country, including in Dublin, Cork, Kilkenny and Belfast, as well as a strong ecommerce presence. Its supplier base is about 75 per cent Irish and the company employs about 400 staff.

Fonthill Business Park is a well-established and well-located industrial scheme. The park, just 2½km from the M50/N4 interchange, offers ready access to Dublin Port, Dublin Airport and the national road network. The development is home to a wide array of large domestic and multinational occupiers including Glanbia, Musgrave, Whirlpool and An Post.

Fergal Cleary of Savills’ investments division says: “The sale of Unit 20 at Fonthill presents investors with an opportunity to acquire a long-term industrial investment occupied by one of the most well-known retailers in Ireland at an attractive net initial yield of 5.5 per cent.”

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Property Editor of The Irish Times