Prime Dublin High Street Investment on Offer for €26m - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 06/02/2019

Prime Dublin High Street Investment on Offer for €26m

#savills

CNI Editor reports

The Henry Street Collection, three prime high street shops on North Dublin’s premier shopping street, is being offered to the market today, guiding in excess of €26 million.

16, 17 & 45 Henry Street comprise a portfolio of three mid-terraced buildings located on Henry street extending to a total floor area of 1,241 sq m (13,360 sq ft) NIA which includes. 446 sq m (4,802 sq ft) of ground floor retail space. The combined frontage onto Henry Street extends to 24.8m.

The properties are all located centrally on Henry Street beside the Arnotts and Debenhams Department Stores close to an impressive range of national and internationally recognised brands including Next, Zara, River Island, Topshop, JD Sports and H&M. The new lettings to JD Sports in the Jervis Centre and Next in the newly constructed Blue Building highlight occupiers continued focus on core locations and the underlying depth of demand underpinning retail performance on Henry Street. 

The Collection is fully let generating a total rent of €1.115 million per annum. No. 16 is let to GameStop Group Limited, No. 17 to Nature’s Way Limited (trading as Holland & Barrett) and Fat Face Limited occupy the ground, basement and part first floor of No. 45. The remaining upper floors do not form part of this sale.

GameStop Corp is a video game and consumer electronic retailer that is headquartered in Dallas, Texas and operates 7,117 retail stores throughout the US, Canada, Australia, New Zealand and Europe. The group generated revenues of €9.225 billion in 2017.

Holland & Barrett are Europe’s leading retailer of vitamins, minerals and herbal supplements and they operate over 1,300 outlets in 16 countries with a substantial presence in the United Kingdom and Ireland. The group reported revenue of £640 million in their latest financial year.

Fat Face Limited are a leading clothing retailer operating over 260 stores throughout the United Kingdom, Ireland and the USA. The retailer employs approx. 2,891 staff members across all their stores and reported gross revenue of £226 million for the financial year ending June 2017.

The sale is being handled by Savills who anticipates strong interest from both domestic and international investors looking to gain a foothold or expand their presence on Ireland’s busiest retail thoroughfare. The guide price, in excess of €26 million for the entire, equates to an attractive net initial yield of 3.95%. The Collection is available as one or in separate lots.