Post on 02-Aug-2020
RETAIL INVESTMENT OPPORTUNITY
– Prominent trading position on the west side of O’Connell Street, Dublin’s primary thoroughfare.
– Let to Schuh ROI Ltd. on an upwards only lease at an annual rent of €480,000 p.p.
– 25 x 5 year FRI lease from 1 July 2000.
– 5 storey over basement property extending to 906.7 sq m (9,761 sq ft).
– Immediately adjacent to the new ‘Luas Cross City’ stop on O’Connell Street.
47-48 O’CONNELL STREET, DUBLIN 1 RETAIL INVESTMENT OPPORTUNITY (TENANT NOT AFFECTED)
INVESTMENT SUMMARY
47-48 O’CONNELL STREET, DUBLIN 1 RETAIL INVESTMENT OPPORTUNITY
ACCOMMODATION
907 SQ MPrime retail premises with 13m frontage on to O’Connell Street
5 STOREYOver basement property
183.5 SQ MGround floor area (NIA)
SCHEDULE
FLOOR USE SQ M SQ FT
Basement Storage 204.2 2,198
Ground Retail 183.5 1,976
First Retail 129.9 1,399
Second Storage 141.6 1,524
Third Office/Storage 124.3 1,338
Fourth Office 123.2 1,326
TOTAL 906.7 9,761
ITZA measurement 106.9 sq m (1,151 sq ft)
47-48O’CONNELL STREET
DESCRIPTION47-48 O’Connell Street is a 5 storey over basement, mid terrace, retail building extending to approximately 906.7 sq m (9,761 sq ft). The property was extensively modernised in the 2000’s incorporating a new facade.
The building has approximately 13 metres of prominent frontage onto O’Connell Street, Dublin’s main pedestrian thoroughfare. The property also has the benefi t of rear access from Bachelors Way.
O’CONNELL STREET
N
PRINCES STREET NORTH
O’C
ON
NELL STR
EET
ABBEY STREET
JERV
IS STREET
LIFFEY STREET
GREAT STRAND STREET
LOTTS
LOTTS
WILLIA
MS R
OW
LITTON
LAN
E
LIFFEY STREET
EDEN QUAY
HENRY STREET
MARY STREET
RIVER LIFFEY
SCHUH
SHOES
THE GRAND
CENTRAL BAR
PERMANENT TSB
CAFFÈ NERO
BANK OF IRELAND
HAMILTON LONG
PHARMACY
ULSTER BANK
WYN
NS H
OTEL
FOOT LOCKER
FORMERLY CLEARY’S DEPARTMENT STORE
REDEVELOPMENT IN PLANNING
EDDIE ROCKET’S
HICKEY’S
PHARMACY
ABBEY C
OU
RT
STAR-
BUCKS
BURGER KING
MCDONALD’S
SUPERMAC’S
QUIZNOS SUB
GPO
BO
OJU
M
€11M UPGRADE PLAN ANNOUNCED
N
PRINCES STREET NORTH
O’C
ON
NELL STR
EET
ABBEY STREET
JERV
IS STREET
LIFFEY STREET
GREAT STRAND STREET
LOTTS
LOTTS
WILLIA
MS R
OW
LITTON
LAN
E
LIFFEY STREET
EDEN QUAY
HENRY STREET
MARY STREET
RIVER LIFFEY
SCHUH
SHOES
THE GRAND
CENTRAL BAR
PERMANENT TSB
CAFFÈ NERO
BANK OF IRELAND
HAMILTON LONG
PHARMACY
ULSTER BANK
WYN
NS H
OTEL
FOOT LOCKER
FORMERLY CLEARY’S DEPARTMENT STORE
REDEVELOPMENT IN PLANNING
EDDIE ROCKET’S
HICKEY’S
PHARMACYA
BBEY CO
URT
STAR-
BUCKS
BURGER KING
MCDONALD’S
SUPERMAC’S
QUIZNOS SUB
GPO
BO
OJU
M
€11M UPGRADE PLAN ANNOUNCED
LUASGREEN
LINE
LUASRED LINE
PRIME RETAIL PITCH• 47-48 O’Connell Street occupies a prominent
trading position on the western side of O’Connell Street, close to its junction with O’Connell Bridge.
• O’Connell Street is one of Dublin’s main pedestrian thoroughfares with a footfall of approximately 18 million per annum. This thoroughfare directly connects O’Connell Bridge to Henry Street.
• The area has recently undergone significant upgrades in advance of the 1916 centenary celebrations to promote the historic importance of the street and the surrounding area.
• There are a number of proposed developments in the immediate vicinity:
– The re-development of the former Carlton Cinema site, comprising 5 acres and known as Dublin Central.
– The development of the former Clerys Department Store.
– Recent announcement from Selfridges for a €11 million upgrade to Arnott’s Department Store on Henry Street.
The area is serviced by all forms of public transport:
Luas 30 seconds
Dublin Bus 30 seconds
Dublin Bikes 1 minute
Dart/Rail 5 minutes
Busáras 7 minutes
Car Parks Arnotts, Jervis Centre, Jervis Street & Parnell Street
47-48O’CONNELL STREET
HIGH-PROFILE LOCATION ON DUBLIN’S MOST FAMOUS STREET
O’CONNELL STREETA
BBEY
STR
EET
O’CONNELL STREETLUAS
GREEN LINE
LUASRED LINE
Burger King McDonaldsO’Connell Bridge Starbucks Clarks Eason
47-48O’CONNELL STREET
HIGH-PROFILE LOCATION ON DUBLIN’S MOST FAMOUS STREET
HEN
RY S
TREE
T
Eason Clerys
Penneys
M&S GPO
Arnotts
SHOPPING CENTRE
IlacSHOPPING CENTRE
JervisShopping
Centre
Dunnes Stores
IlacShopping
Centre
Debenhams
TENANCY DETAILS Single let to Schuh ROI Ltd. on a 25 year, FRI lease from 1st July 2000 (7 years remaining) at an annual rent of €480,000. The lease incorporates 5 yearly upwards only rent reviews with the next review due to take place in July 2020.
COVENANT DETAILSSchuh is a UK footwear retailer which was established in 1981. The retailer is predominantly a branded stockist with well-known brands such a Nike, Adidas, Converse and Vans stocked in addition to its own footwear label.
Schuh currently operates 118 stores across the UK and Ireland. There are 10 stores in the Republic of Ireland including six in Dublin, and one store in each Cork, Limerick and Galway.
A Vision Net report for Schuh ROI Ltd. for the year to 28th January 2017 displays a low trade risk, with a turnover of €30 million.
DUBLIN RETAIL IN DETAILDublin 1 has a positive and improving retail story, there is currently no vacancies on Henry Street with all units either reserved or occupied. The Selfridges Group, proprietor of Arnott’s, has just announced an €11 million upgrade of the store to commence in 2018 creating a 40,000 sq ft retail MSU to accommodate the high profile UK Fashion and Homewares retailer. In the medium term, the proposed development of the 5 acre Dublin Central site by Hammerson and the redevelopment of the former Clery’s Department Store is set to further add to the retail activity on O’Connell Street.
1.9 millionPopulation of
Greater Dublin Area (2016 Census)
30 millionHenry Street
Footfall per annum(Dublin BID)
€4,500 p smPrime Rents
Henry Street Zone A
+2.3%Volume of Retail Sales
Year to March 2018 (excluding Motor Sales)
10.65 millionDublin Visitors in 2017
(CSO)
101.8 Consumer Sentiment
Index March 2018(KBC/ESRI Consumer
Sentiment Index)
+4.7% p.a.Annualised Average Increase High Street
Rents 2018-2022
27%Retail accounted for
27% of investment spend in Q1 2018
+4.8% GDPIreland is on track to be
fastest growing economy in the Eurozone for 5th year
running in 2018
FLOOR PLANS
ELEVATION TO O'CONNELL STREET
Ground Floor183.5 SQ M 1,976 SQ FT
Ground Floor First Floor
Cash Desk
Holding
Corridor
Corridor
Void
Service Riser
Cash Desk
LobbyProtected
Dis WC
Holding
Protected Lobby
NORTH NORTH
Ground Floor First Floor
Cash Desk
Holding
Corridor
Corridor
Void
Service Riser
Cash Desk
LobbyProtected
Dis WC
Holding
Protected Lobby
NORTH NORTH
First Floor129.9 SQ M 1,399 SQ FT
Ground Floor First Floor
Cash Desk
Holding
Corridor
Corridor
Void
Service Riser
Cash Desk
LobbyProtected
Dis WC
Holding
Protected Lobby
NORTH NORTH
Ground Floor First Floor
Cash Desk
Holding
Corridor
Corridor
Void
Service Riser
Cash Desk
LobbyProtected
Dis WC
Holding
Protected Lobby
NORTH NORTH
Ground Floor First Floor
Cash Desk
Holding
Corridor
Corridor
Void
Service Riser
Cash Desk
LobbyProtected
Dis WC
Holding
Protected Lobby
NORTH NORTH
Second Floor141.6 SQ M 1,524 SQ FT
Ground Floor First Floor
Cash Desk
Holding
Corridor
Corridor
Void
Service Riser
Cash Desk
LobbyProtected
Dis WC
Holding
Protected Lobby
NORTH NORTH
Second Floor Third Floor
Service Riser
hatch
Service Riser
hatch
Sta�room
O�ce
Cash O�ce
Void
Third Floor124.3 SQ M 1,338 SQ FT
Fourth Floor123.2 SQ M 1,326 SQ FT
Ground Floor First Floor
Cash Desk
Holding
Corridor
Corridor
Void
Service Riser
Cash Desk
LobbyProtected
Dis WC
Holding
Protected Lobby
NORTH NORTH
Second Floor Third Floor
Service Riser
hatch
Service Riser
hatch
Sta�room
O�ce
Cash O�ce
Void
Basement204.2 SQ M 2,198 SQ FT
Fourth Floor123.2 SQ M 1,326 SQ FT
Ground Floor First Floor
Cash Desk
Holding
Corridor
Corridor
Void
Service Riser
Cash Desk
LobbyProtected
Dis WC
Holding
Protected Lobby
NORTH NORTH
Stockroom
Stockroom Stockroom
StockroomStockroom
Stockroom
StoreStore
B A S E M E N T F L O O R P L A N
Disclaimer:
These particulars are issued by CBRE U.C., registered in Ireland, no. 316570. PSRA Licence No. 001528 on the understanding that any negotiations relating to the property are conducted through them. While every care has been taken in preparing them, CBRE U.C., for themselves and for the vendor/lessor whose agents they are, give notice that:(i) The particulars are set out as a general outline for guiding potential purchasers/tenants and do not constitute any part of an offer or contract.(ii) Any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any
other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness.
(iii) Neither CBRE U.C., nor any of their employees have any authority to make any or give any representation or warranty in relation to the property
TITLEThe property is held freehold
AGENTSViewings are by appointment only via the sole selling agents:
Colm Luddy Senior Director, Capital Markets Email: colm.luddy@cbre.com Direct Dial: +353 (1) 618 5729
Fiona Kennedy Associate Director, Capital Markets Email: fiona.kennedy@cbre.com Direct Dial: +353 (1) 618 5742
SOLICITORPaul Diggin A&L Goodbody 25-28 North Wall Quay Dublin 1Email: pdiggin@algoodbody.comDirect Dial: +353 (1) 649 2258
BER Number: 800324428 BER Indicator: 393.32 kWh/m²/yr 1.15
PSRA LICENCE NO. 001528