€2.5m for shops on South Great George's Street

Retail: Lisney is quoting around €2.5 million for a retail investment at 14 and 16 South Great George's Street, Dublin 2, right, which goes to tender on March 9th.

The two shops are are located along the busiest stretch of the street and are producing a combined rent of €126,974 under a lease with 20 years to run.

This would reflect a yield of 4.6 per cent after costs but the agent expects the rent to rise further when it is reviewed next September. Number 14 trades as In Wear, a fashion outlet, and has a floor area of 162.98 sq m (1,754 sq ft) on three levels.

Both shops are sub-let on a short term basis, number 16 being occupied by Oil & Vinegar, a recently opened Dutch franchise.

It has 154.59 sq m (2,740 sq ft) of floor space on two levels.

William Fennelly of Lisney says that South Great George's Street and other nearby streets running towards Grafton Street have been attracting an increasing number of restaurants, cafés and fashion outlets in place of wholesale fashion stores that have relocated out of town.

Thoroughfares like Wicklow Street, Duke Street and South Anne Street were now attracting "high street names" and there was a perception that this trend would extend to Clarendon Street, South William Street, Drury Street and even South Great George's Street in the years ahead.