Irish property company Iput continues to sell down its interests on Dublin’s premier shopping street.
Having only recently secured about €20 million from the sale of numbers 69 and 72 Grafton Street to real estate investor Mel Sutcliffe’s Quanta Capital, Iput has instructed agent Savills to find a buyer for the nearby premises of fashion retailer, Massimo Dutti at numbers 65 and 66.
The property is guiding at a price of €18.8 million. Iput owns a 60 per cent interest in the building with the remaining 40 per cent stake held by Aviva.
Number 65-66 Grafton Street briefly comprises four floors over basement and extends to 1,546 sq m (16,640 sq ft) with 378 sq m (4,068 sq ft) of its accommodation at ground-floor level. The ground and first floors are currently in retail use, while the basement and upper floors are in use as storage space
The property has extensive frontage on Grafton Street and is positioned on the stretch between South Anne Street and Chatham Street. It was refurbished in 2013 by Iput at a cost of €3 million following the departure of its long-standing occupier, HMV, and pre-let to Massimo Dutti.
the building is let in its entirety to ‘ITX Retail Ireland Limited’, trading as Massimo Dutti, on a 15-year lease from September 2013, with approximately 3.6 years unexpired and a current rent of €1,085,000 a year.
Massimo Dutti is a subsidiary of Inditex, the Spanish-headquartered multinational fashion retail group, whose other brands include Zara, Bershka and Pull & Bear. The €18.8 million guide price equates to a net initial yield of 5.25 per cent.
News of the sale comes just eight months after Iput completed the disposal of numbers 69 and 72 Grafton Street for a combined price of about €20 million. Mel Sutcliffe’s Quanta Capital acquired the buildings on behalf of the Goldstein Icav.
Number 69 Grafton Street will be best known to visitors to the street as the home of Dune Shoes. The property, which is on the stretch between South Anne Street and Chatham Street, comprises a four-storey over-basement building of 451 sq m (4,853 sq ft).
The property has a retail-trading area of 340.95sq m (3,670 sq ft) distributed across its ground, first, second and third floors. The building is let to two tenants, with Dune Shoes occupying the ground floor and basement and the well-known Robert Chambers Hair Salon occupying the first, second and third floors.
Number 69 Grafton Street is generating €324,000 in annual rental income and has a blended lease term of about 5.8 years to the nearest break option and 7.3 years to expiry respectively.
Number 72 Grafton Street is a four-storey over-basement building of 819.22sq m (8,818 sq ft). Located directly across the street from the entry point to South Anne Street, the property has a lease area of 765.80sq m (8,243 sq ft) distributed over three floors (ground, first and basement).
