Dawson Street’s ongoing appeal to investors has been borne out once again with the sale of number 54, a four-storey over-basement mixed-use building. Having come to the market at the end of August, the property – which is fully let to a range of occupiers – sold in just eight weeks for €3.25 million to a private investor. The price paid represented a 14 per cent premium on the €2.85 million which had been guided by agent Colliers.
Located immediately adjacent to the Dawson Street Luas Green Line stop and within a short walk of Grafton Street, the 4,882sq ft property is fully let and generating €189,650 in annual rental income from four tenancies. It has a weighted average unexpired lease term (WAULT) of just over 2 years to break and 7.6 years to expiry.
The ground floor and basement level are let to Carebrook Partnership Ltd, trading as Pret A Manger, on a 15-year lease commencing February 2022 at €110,000 per annum, with a tenant-break option in February 2029.
The first floor is occupied by Rostrum Resources Limited, trading as Fusion Recruitment, on a five-year lease commencing July 2021 at €27,000 per annum. The second floor is let to Paulson Management Ireland Limited on a five-year lease commencing May 2024, with annual mutual-break options, at €27,000 per annum. The third floor is home to Deighton Infrastructure Management Limited, a specialist IT asset management software provider, on a five-year lease commencing March 2024 at €25,650 per annum, with a tenant-break option in March 2027.
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Dawson Street is widely regarded as one of Dublin city centre’s best locations thanks to the presence of its Luas Green Line stop and combination of strong footfall and close proximity to Grafton Street. Dawson Street is home to a range of high-end retail and hospitality occupiers including The Ivy Cafe, Marco Pierre White, Arket, and Hodges Figgis.
Stephen Conway of Colliers, who handled the sale, said: “Number 54 Dawson Street saw exceptionally strong interest, predominantly from local high-net-worth investors. The sale took just eight weeks from launch to complete, illustrating the depth of demand for quality investment opportunities in the best locations.
“This investment offered a combination of secure income, strong covenants, and excellent long-term reversionary potential – all of which drove a highly competitive process.”
Knight Frank represented the purchaser in this transaction.
