No.5 GPO Buildings, Henry Street, Dublin 1

No.5 GPO Buildings, Henry Street, Dublin 1

(Tenant Not Affected)

Description

Number 5 GPO Buildings is a ground floor and basement “lock-up” retail unit which extends to a total area 1,774 sq.ft. It has a ground floor retail trading floor plate of 855 sq.ft. The entire is let to well-known phone retailer ‘3 Ireland’ and sublet to popular jewellery brand Lovisa Ireland Limited. Lovisa has stores in Dundrum Town Centre, Liffey Valley SC and Pavilions SC along with high street units in Cork, Limerick and Galway. This unit is situated in a parade of 10 similar units fronting Henry Street which are part of the historic GPO complex. Adjoining occupiers include the newly opened Austen & Blake Jewellery store and Hickeys Pharmacy. The wider parade has become somewhat of a jewellery destination including the subject (Lovisa), Austen & Blake, Pandora, Fields and Swarovski. The property benefits from an exceptional fitout.

Location

Henry Street is one of the two key retail high streets in Dublin, alongside Grafton Street. It benefits from thriving value led anchor stores like Penney’s, Dunnes and Arnotts. It is easily accessible by both public and private transport with service from both Luas red and

green lines as well as a short walk away from Connolly station. It is served by major city car parks, including the Ilac and Arnott’s Car Park, both of which are in close proximity to the subject property.

Lease

The property is let to the exceptionally strong covenant of 3 Ireland (formerly O2) under a FRI lease from 2003. It is let at a “Celtic Tiger” peak passing rent of €410,000 which expires in October 2028. The property is sub-let under licence to Lovisa Ireland Limited which expires one month prior (and this sub- tenant has signed a Deed of Renunciation). This leaves the new owner in a very strong position to negotiate a lease extension at this expiry point as they would be entitled to refuse the sub-tenant a new lease despite Lovisa’s extensive fit-out on the property and their reported strong trade.

Viewing

Strictly by prior appointment through the sole selling agent Bannon

BER

BER Exempt