€5.5m plus sought for prime and profitable pitch in the Dublin Docklands
No 1 Hanover Quay offers immediate rental income of €300,000 a year
The HQ Gastro Bar premises occupies a pivotal location in Dublin’s thriving Grand Canal Dock district
Agent Savills is guiding a price in excess of €5.5 million for the freehold interest in the premises of the landmark HQ Gastro Bar in Dublin’s Grand Canal Dock.
Located immediately adjacent to the five-star Marker Hotel and opposite the Bord Gáis Energy Theatre at 1 Hanover Quay, the property is being offered for sale with the benefit of an immediate rental income stream.
The current owner occupier is offering prospective purchasers the opportunity to acquire the property’s freehold and will subsequently enter into a new long-term lease subject to a net annual rent of €300,000 per annum.
The new lease will be for a term of 20 years, with a tenant break clause at year 15 of the term. The lease will be subject to five-yearly rent reviews.
The entire property extends to an area of 854sq m (9,192sq ft) split over two trading levels.
HQ Gastro Bar occupies 264sq m (2,842sq ft) of the ground floor. This portion of the property features wraparound floor-to-ceiling glazing overlooking Grand Canal Dock and an extensive heated outdoor terrace which allows for year-round outdoor dining.
The multiaward-winning Nutbutter trades from the Forbes Street ground-floor portion of the property. This section extends to 130sq m (1,399sq ft) and has its own dedicated customer entrance onto Forbes Street.
The combined dining capacity of HQ Gastro Bar and Nutbutter is set to increase to 345 patrons following an extensive scheduled refurbishment of the entire property which is due to take place in January 2020.
Stephen McCarthy of Savills says: “This is a rare opportunity for an investor to acquire a substantial bar and restaurant property in the heart of the Grand Canal Dock district, the most coveted food and beverage trading location in Ireland.”