Prime city property will attract strong interest from investors
The leading Irish property company is selling off the Market Parade building on Patrick Street.
One of the most distinctive and substantial buildings at the western end of the city’s main retail thoroughfare, it includes Burger King, Claire’s Accessories and Here’s Health as tenants.
The four-storey building, previously Grants department store, and also once a Liptons supermarket, has over a dozen retail and commercial tenants in place with an as-yet undisclosed rent roll.
It is only being assessed at the moment for rents and leases prior to sale by newly appointed selling agents Lisney in Cork.
But, with several leases due for review, and the interior Market Parade of small shop units considered a redevelopment/upgrade opportunity, it will appeal to deep pocketed private investors looking for a future value investment in a truly prime retail setting.
Value is as yet hard to determine, but given the likely rent roll, reviews and truly prime location and coming up for sale when retail investments are considered a particularly shrewd buy and a good pension bet, it could sell for around €15 million.
Patrick Street itself is the centre of a €15 million makeover by the local authority designed to shore up its appeal in the face of strong retail competition post 2004 when Mahon Point gets into business.
The first section of the new street design was opened prior to Christmas, with varied public reaction in particular to the new street lights designed by Spanish architect Beth Gali, with criticism of cheap finishes, lack of scale and even poor light spread.
Across the street from the Green owned building about to be formally marketed later this month, an investment sale of the Boots occupied building property last year realised close to €5 million, and a former bank premises at 10 Patrick Street sold to an investor, Jim O’Regan of menswear shop Saville, for over €5 million.
He has Mango secured as tenant at a new record rent of around 1,400psm.
The imposing four storey mansard roof building coming up as a sizeable investment opportunity fronts the western end of Patrick Street links into the born-again English Market, and is opposite HMV.
Green are selling off the Castle Street market in Dublin’s Drury Street and South William Street, in a attractive red brick Victorian arcade.
With 10 retail tenants and individual units priced from €500,000 to €1.4 million, this complex, also with reviews due, is expected to net over €8 million.
Tenants on William Street/Drury Street include fashion shops and restaurants, and some of the tenants may seek to buy their own properties.
However, strong interest is expected from private investors. Green is also selling 16 Henry Street, guided at €6 million by agents CB Hamilton Osborne King who are handling the Dublin properties.
Details: Lisney Cork021 4275079. CB Hamilton Osborne King 01 6181300
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