Having failed to sell at its original €2.5 million guide, number 55 Grafton Street is being offered for sale at the new and much reduced price of €2.15 million. The new figure represents a 14 per cent discount on the amount sought when it was first put on the market last October.
Located at the St Stephen’s Green end of the capital’s foremost retail thoroughfare, the subject property comprises the ground floor and basement level of number 55 and extends across a total area of 64sq m (685 sq ft).
The investment comes for sale following its recent letting to Claddagh Jewellers on a new, 10-year lease from July 2023 and is subject to a reserved rent of €150,000 annually. Should a sale proceed at the new guide price, the purchaser would be in line for a net initial yield of 6.34 per cent after the deduction of standard purchaser’s costs of 9.96 per cent.
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The tenant, Claddagh Jewellers, is one of Ireland’s best-known and longest-established jewellery brands. Trading since 1967, the Irish-owned family company designs and manufactures jewellery in its own workshop in Galway, where it also has a store on Mainguard Street.
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Nigel Kingston, who is handling the sale on behalf of Colliers says: “This is an ideal opportunity for a private investor seeking a superbly located building on Ireland’s premier shopping street let to an established and popular brand.”
