Grafton Street buildings home to Bewley’s, Lush and PTSB to go on sale

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Grafton Street Buildings Home To Bewley’s, Lush And Ptsb To Go On Sale Grafton Street Buildings Home To Bewley’s, Lush And Ptsb To Go On Sale
The properties on the capital’s prime shopping thoroughfare bring in a combined €2.45 million in rent each year
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Three retail buildings on Dublin’s Grafton Street whose tenants include Bewley’s, Lush UK, Permanent TSB and City Break Apartments are set to go on sale for €29 million.

The properties on the capital’s prime shopping thoroughfare bring in a combined €2.45 million in rent each year.

Savills will launch Numbers 70, 78/79 and 116 to the market on behalf of joint receivers, Michael McAteer and Nicholas O’Dwyer of Grant Thornton, alongside two more prime Dublin office buildings – Connaught House and Kingram House.

Developer Johnny Ronan’s Ronan Group Real Estate faces the prospect of the five properties being sold with the proceeds being used to repay M&G Investments, which is owed €141 million arising from its backing of RGRE’s refinancing of Nama loans in 2015.

All together, the properties have a combined guide price of €170 million.

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Savills said each asset will have its own separate sales process, except for the three Grafton Street buildings, which will be offered as a collection in one or more lots.

Fergus O’Farrell, investment director in Savills, said the properties “each offer unique opportunities, including both secure income returns and asset management prospects, in a market which is starved of high-profile well-located assets.”

“We therefore expect strong investor demand from a range of buyer types,” he added.

78-79 Grafton Street, one of the most prominent landmark buildings on the street, is home to Bewley’s

The ground and basement of 116 Grafton Street is let to Lush

Savills said the buildings on Grafton Street boast a combined 25.5 metres of street frontage, along with over 29,000 square feet of space inside, with a total guide price of €29 million.

70 Grafton Street, which is let to Permanent TSB and City Break Apartments, is currently producing a rent of €669,000 per annum with just under 16 years remaining in the lease.

78-79 Grafton Street, one of the most prominent landmark buildings on the street, is home to Bewley’s who are currently paying a rent of approximately €1.46 million per annum.

This lease expires in August, “providing investors with a unique opportunity to consider various asset management initiatives” according to Savills.

The ground and basement of 116 Grafton Street is let to Lush on a 25-year lease until September 2025 at an annual rent of €285,000, while the two-bed upper floor apartment is currently producing €28,800 per annum.

Also launching on the market is Connaught House in the heart of Dublin 4

Also launching on the market is Connaught House in the heart of Dublin 4 on Burlington Road, which comprises approximately 117,000 square feet of Grade A office space across five storeys, with a guide price of €125 million.

The building has multiple tenants, including Macquarie Aviation Capital, Carlyle and Biohaven Pharmaceuticals, and currently produces an annual income of just over €7 million – averaging a rent per square foot of €57.50.

The fifth building to launch on the market is Kingram House, a single-let office centrally located off Fitzwilliam Place in Dublin 2, with a guide price of €16 million.

The 15,850-square-foot building has a distinctive design with a Georgian office to the front and a large four-storey modern office block to the rear.

It is let to the Irish Medical Council on a 20-year lease from January 2013 and currently produces a rental income of €827,500 per annum.

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