Agent QRE Real Estate Advisers is guiding a price of €1.95 million for the landmark premises of the renowned Dublin restaurant, One Pico.
Located at 5 and 6 Molesworth Place and 1 Schoolhouse Lane, the property is being offered for sale with the award-winning restaurant in place as tenant.
One Pico’s proprietor Eamonn O’Reilly has been catering to the needs of the restaurant’s loyal clientele from Molesworth Place for 20 years now. And while the coronavirus pandemic is presenting its own particular challenge to the capital’s hospitality industry currently, One Pico enjoys a prime location at the heart of Dublin’s political beltway and central business district.
The restaurant's premises are situated less than 100m (328ft) in either direction from the gates of Leinster House and the respective offices of several large-scale corporate occupiers including AIB, Barclays, Goshawk, Davy, and Maples Group.
The subject property comprises a prominent two-storey corner site and extends to 203.4sq m/2,190sq ft (net internal area) and 278.1sq m/2,994sq ft (gross internal area). The ground floor includes the main restaurant area, reception, kitchen and stores. The first floor comprises a private diningroom (the Polo Room), an office, staff changing and WC facilities together with customer WCs.
Frossway Ltd, trading as One Pico Restaurant, is over-holding on an occupational FRI (full repairing and insuring lease) which expired in 2008 with a current contracted rent of €110,000 per annum. The lease covers number 4A Molesworth Place, the freehold interest of which is not included in the sale. The net rent receivable for 5 and 6 Molesworth Place and 1D Schoolhouse Lane is €99,000 per annum.
The property is zoned Z5 “City Centre” within the current Dublin City Development Plan (2016-2022) and as such is suitable for a wide variety of uses (subject to obtaining the necessary planning permission).
Bryan Garry and Conor Whelan of QRE Real Estate Advisers are acting on behalf of the vendors, who are understood to be a private family.
They say: “The acquisition of this landmark property will provide an investor with a once-in-a-lifetime opportunity to own a renowned restaurant investment property in the heart of Dublin’s central business district. Alternatively, the purchaser is likely to consider the redevelopment of this unique corner site in the longer term in light of the scale of nearby development undertaken in recent years.”