INVESTMENTS:HOOKE MACDONALD Commercial is seeking €2.75 million for a retail investment close to Christ Church Cathedral in Dublin 8.

Completed in 2006 by Purcell Construction, the Bank House at Cornmarket was redeveloped to include two shops and overhead apartments.

The main shop, with a floor area of 135sq m (1,435sq ft), is let to the prestigious English paint manufacturer Farrow Ball at a rent of €393 per sq m (€36.5 per sq ft) per annum.

The lease provides for a break option in 2016.

The second shop is let to Living Quarters, a furniture retailer based originally in South Great George's Street and now trading for 15 years. It pays a rent of €375 per sq m (€34.84 per sq ft) for a unit of 160sq m (1,722sq ft).

The investment also includes an ATM kiosk let to AIB until August, 2009.

At an asking price of €2.75 million, the rent roll of €125,000 would show an initial yield of 4.1 per cent.

There will be an opportunity to significantly increase the rent at the next review in 2011, according to the selling agent.

The Farrow Ball unit is a particularly attractive shop with a newly restored shop front and tasteful renovations to the interior which underline the character of the old bank building.

The shops are at the busy junction of High Street, Thomas Street and Bridge Street, close to Christ Church Cathedral and the National College of Art and Design.