Dublin docklands shop portfolio comes with strong tenant mix

DTZ Sherry FitzGerald is quoting €3.5 million for a portfolio of shops in the fashionable south docklands.

The Gallery Quay Retail Portfolio at Grand Canal Quay in Dublin 2 is fully let and producing an annual rent roll of €234,840, which would reflect a net initial yield of 6.42 per cent. However, the rent roll is to increase by €30,000 in the second quarter of 2016, which would bring the yield up to 7.24 per cent.

Gallery Quay, completed in 2006, includes 300 apartments, 972sq m (10,460sq ft) of retail space and 230 car- parking spaces.

The retail element going for sale extends to 932sq m (10,036sq ft) and includes 10 basement car-parking spaces. Retail units vary in size from 15.14sq m (163sq ft) to 251.8sq m (2,710sq ft) and are set out over ground, first and basement levels.

These shops have a strong tenant mix which includes Donnybrook Fair, Grafton Barbers, Crystal Boat Restaurant, Il Valentino, GSN Pharmacy and Educo Gym. A number of the tenants, including Educo Gym, GSN Pharmacy and Il Valentino, occupy corner sites on Pearse Street and Macken Street, while the remaining units overlook the Grand Canal.

The South Dock area has seen significant redevelopment in recent years with plenty more planned or under construction. Nearby occupiers include State Street, Accenture, Bank of New York Mellon, HSBC, Facebook, McCann FitzGerald and Google.

This portfolio was last on the market in November 2014, when it was for sale by tender for €3.25 million.