Irish Life Investment Managers (ILIM) is seeking €2.7 million through agent Bannon for 5 GPO Buildings, on Henry Street in Dublin city centre. The sale of the retail investment property offers the prospective buyer an initial yield of 13.5 per cent.

Acquired by Irish Life in 2015 as part of its wider €154 million purchase of a collection of eight retail units and five office blocks known as the Sovereign portfolio from Royal London Asset Management, 5 GPO Buildings comprises a ground floor and basement “lock-up” retail unit extending to a total area of 165sq m (1,774sq ft). Located within the historic GPO building, the entire property is let to phone retailer Three Ireland and sublet to international jewellery brand Lovisa. There are three years remaining on the existing lease and the current rental income is €410,000 a year. Three Ireland have vacated the property, and it is sublet under licence to Lovisa Ireland Limited at an annual rent of €175,000, expiring one month before the Three Ireland lease. Should Lovisa decide to sign a new lease agreement at that point, the purchaser of the property could reasonably expect to secure at least the same annual rent, according to the selling agent.

Brian Morton of Bannon says: “Number 5 GPO Buildings offers the opportunity to acquire a high-yielding prime retail asset located within one of the country’s most historic buildings”.