Retail investments in Dublin city centre continue to attract the highest level of inquiries and the least number of sales because of the shortage of available properties.
For that reason alone Lisney is expecting exceptional interest in a prime investment at 19 Wicklow Street which goes on the market today to coincide with the opening of the new property season.
Chris Belton of Lisney is seeking offers of more than €1.9 million for the 1900s building occupied by Cornucopia and Louis Copeland which will show a net initial yield of 5.19 per cent.
Vegetarian restaurant Cornucopia has traded for the past 30 years out of the ground floor of number 19 and also number 20 which are interlinked at street and basement levels.
Number 19 has 68sq m (732sq ft) at street level and an overall floor area of 289 sq m (3,111sq ft) on five levels including basement. The restaurant is paying €80,000 for the ground, basement and an office on the second floor.
Louis Copeland has a separate access to the first floor and also rents part of the second and third floors, paying a total of €23,100. The overall rent roll of €103,100 is considered highly reversionary and with the two rent reviews due next February the expectation is that the the rental figure will move to at least €120,000/€130,000 per annum.
A short distance away, agents JLL are quoting a rent of €90,000 for a smaller ground floor and basement in number 33 Wicklow Street which does not have permission for food use. The leases in number 19 have a weighted average unexpired term of 10.15 years to run.
Cornucopia’s leasehold interest in number 20 is not affected by the sale nor is Louis Copeland’s additional lease of the adjoining building, number 18.
