It was announced last week that Savills is bringing 22 – 23 Dawson Street to the market. The building is a high profile mixed use investment property located on Dawson Street, at its busy intersection with St. Stephen’s Green.
The property is for sale by private treaty with a guide price of €6 million. The current rent is €323,000 per annum which, at the guide price, will provide an attractive return of 5.15% after standard purchaser’s costs.
The overall income from the retail tenants is €155,000 per annum. Tenants include Tang, Sunglasses.ie and Amuse. With two of the three units benefitting from café/ restaurant use.
The property comprises a mid-terraced five storey over basement period building which extends to an area of approx. 6,500 sq. ft. The mixed use property is 100% occupied and laid out in retail use on the ground floors, with four luxury apartments overhead.
The property is situated in the middle of Dublin’s prime retailing and entertainment quarter. Dawson Street is within a minutes’ walk of Grafton Street and has some of Dublin’s Premier restaurants and bars, including Fire @ The Mansion House and Marco Pierre White. The Luas Cross City, due for completion this year, will have a stop on Dawson Street, further increasing the accessibility of the location and passing trade.
There are three large office developments under construction on nearby Molesworth Street, which will deliver over 200,000 sq. ft. of office space over the next two years. These new developments will further increase the demand for leisure, retail and residential uses according to Savills.
Commenting on the opportunity, Marguerite Boyle of Savills said, "This prime investment offers investors the opportunity to acquire a fully let mixed use building with a WAULT of approximately 6.7 years in an area which is highly sought after by both retail and residential occupiers due to a number of large scale redevelopments and infrastructural improvements on the street. The block has benefitted from refurbishment works carried out by its current owners, and we believe the property will appeal to a range of both domestic and international investors."