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round the side

Part of the GPO has come onto the property market*

*Although it isn’t the main part.

A SECTION OF the GPO on Dublin’s O’Connell Street has come onto the market.

However, it is not the main area at the front, which still operates as a post office.

Rather it is a retail unit located to the side of the iconic structure. Number 5 GPO Buildings Henry Street is currently occupied by O2 Communications Ireland Limited.

It comes onto the market as part of a portfolio of some of Dublin and Cork’s most expensive commercial and retail property.

In total the collection of property is valued at €118 million.

Anywhere else recognisable?

A unit of properties on Dublin’s Grafton Street are included. These includes the site of McDonalds and the Body Shop, as well as premises belonging to Office Holdings Ltd – who run a chain of shoe shops across the UK and Ireland.

DSC_8629 Properties for sale on Dublin's Grafton Street CBRE CBRE

The site, from 7-11 Grafton Street, includes four terraced retail buildings that have a combined floor space of around 28,34 sq. ft. There is also a large office area located above the street-level businesses.

In total the properties bring in €1,820,000 per annum in rent, with 97% of this coming from the retail tenants.

Also included in the lot are a number of properties on Dublin’s Dawson Street. Numbers 56-58 contain a four-storey building that is currently the site of the historical Hodges Figgis book shop. The company, which is owned by Waterstones, pay annual rent of €505,688 although its lease has expired.

The building contains ancillary and storage space above the shop-level unit.

DSC_8594 The site of the Hodges Figgis bookshop on Dawson Street CBRE CBRE

What are the properties worth? 

The properties bring in a total annual rent of €7,409,570 – which is a return of just over 6% on the sale price of €118 million.

The property advisers, CBRE, who are handling the sale on behalf of Royal London Asset Management, also draw attention to the fact that the areas the properties are located in are likely to increase in value as economic conditions improve.

Overall, retail units account for 61% of the portfolio, with offices accounting for 39%.

What else is included in the lot? 

In total there are twelve separate properties included in the portfolio.

The properties in Cork are Building 4 Eastgate Business Park and 11 Patrick Street, which is one of the main shopping streets in the city.

In Dublin, other properties included in the portfolio are 85-86 Grafton Street, 6-7 Dawson Street, 51-52 Henry Street and 43-44 O’Connell Street.

Read: Squatters have another week in the derelict Grangegorman complex

Also: Here is what your mortgage would cost you in Europe

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