Georgian Shanahan’s building on market for €4.5m
Landmark restaurant’s yearly €240,000 rent will increase by €50,000 in 2019
No 119 St Stephen’s Green was designed by Richard Cassells, the leading Dublin architect during the Georgian era
A superbly located Georgian house on Dublin’s St Stephen’s Green owned by a business consortium and rented by the fine dining restaurant Shanahan’s on the Green is to be offered for sale on the instructions of receiver Ken Tyrrell of PwC.
Colm Luddy of selling agents CBRE is quoting €4.5 million for the building, which has been occupied by Shanahan’s since 1989 and has a further 7.2 years to run on the lease. The restaurant company run by John Shanahan pays an annual rent of €240,000, which is due to rise to €290,000 in 2019.
The four-storey over-basement building, close to St Stephen’s Green Shopping Centre, has an overall floor area of 600sq m (6,458sq ft) with the basement, ground and first floors in restaurant use. The second floor is used as an office and the third floor serves as an apartment.
No 119 St Stephen’s Green was designed by Richard Cassells, the leading Dublin architect during the Georgian era, who was responsible for some of the largest houses built in Ireland.
Colm Luddy said the St Stephen’s Green building was well positioned to benefit from capital appreciation and was likely to appeal to both international and Irish institutional investors keen to secure a presence on the street.