Mary Street retail investment for €4.95m

A well-located retail investment beside the entrance to Jervis Shopping Centre, on Mary Street, in Dublin city centre, and an office investment at Eastpoint Business Park in the Dublin Docklands are to be offered for sale.

The sale is by private treaty through Michele McGarry of Colliers International.

The agency is quoting €4.95 million for 23A Mary Street, a ground-floor over basement retail unit which is used as a hairdressing salon by Peter Mark. It has 95.9 sq m (1,032 sq ft) at street level and a further 92.7 sq m (998 sq ft) of retail space in the basement.

The superbly presented building is let to Peter Mark on a 35-year lease from July 1985 with upwards only rent reviews. The tenant recently signed a Deed of Variation to extend the term of the lease until 2025, providing an unexpired term of about 10 years.

The passing rent of €250,000 per annum is subject to an upwards only rent review in 2020.

Investors willing to pay the asking price will get a net initial return of 4.8 per cent. Peter Mark, founded in 1961, has become Ireland’s best-known hairdressing brand with 71 salons nationwide.