New investors boost rent roll at Exchequer Chambers

Uplift in rents at Victorian landmark achieved by letting of upper floors

 

The new owners of Exchequer Chambers, a distinctive Victorian building on Dublin’s Exchequer Street, have substantially increased its rental returns since buying the investment over a year ago.

The five-storey over basement building was bought for almost €9 million by a private investment vehicle, Tullington Ltd, which acts through its general partner, Tyrone businessman Ronan Barrett.

Much of the uplift in rents has been achieved in the letting of the upper floors which at the date of the sale were producing €143,500 via a lease with Eircom.

A recent letting of the newly refurbished office space to Story Toys Ltd – a subsidiary of a US company Touchpress Inc – has yielded a rent of €45.50 per sq ft/€490 per sq m, which is reported to be the highest city rent for a Victorian building. Karl Byrne of Cushman & Wakefield acted for the US tenant, while Joe O’Donoghue of LSH advised the landlord.

Children’s clothing business

In other changes, Industry & Co, currently trading at 41 Drury Street, has opened a children’s clothing business, Barn, at an increased rent of €75,000 per annum. Niall Delmar of LSH handled the letting.

Next door (25 Exchequer Street) has been let to Jamie’s Italian for a pizzeria concept at a similar rent of €75,000, following the granting of planning permission for a change of use.

Itsa Bagel and Boulevard Restaurant will continue to trade at street level, while the top floor has been upgraded and fitted out for two apartments.

Meanwhile, the new owners have sought planning approval for additional office and storage space at the rear of Exchequer Chambers next to a large site due to be offered for sale shortly by Eir, along with the freehold of the food outlet Fallon & Byrne.