Agent Savills is guiding a price of €1.8 million for a retail investment comprising four ground-floor units in Dublin south docklands.
Situated at Hanover Quay at Grand Canal Dock, the “Waterfront” investment comes for sale fully let and is generating a combined rental income of €93,000 per annum with a fixed rental uplift to €109,500 from April 2022.
Unit 1 is leased to Pause Cafe subject to a passing rent of €15,000 per annum.
The lease for Unit 2 was renewed in April of this year by Realm Concepts/ Bulthaup for a new term of 15 years and is subject to a passing rent of €28,000 with fixed uplifts to a headline rent in year five of €30,000.
Mixed-use development
Similarly, the lease covering both Units 3 and 4 was renewed by long-term occupier Minima Home for a new term of 15 years from April of this year, subject to a passing rent of €50,000 with fixed uplift to €65,000 effective from April 2022.
The units occupy the entire ground floor of The Waterfront, a mixed-use development on Hanover Quay and front directly on to Grand Canal Dock. Nearby occupiers include Facebook, Twitter, Airbnb, The Marker Hotel and the Bord Gáis Energy Theatre.
Stephen McCarthy of Savills is guiding €1.8 million for the entire investment which extends to 3,628sq ft (336sq m) and includes four secure underground car spaces, three of which are available to lease and offer an opportunity to increase the rental return further. The vendor will also consider selling the units individually.
