InvestmentsA retail and office investment directly behind Clery's department store on Dublin's O'Connell Street is to be offered for sale through the Lisney agency.
Sackville House, a three-storey commercial building next to the CIÉ Club on Sackville Street, is currently producing a rental income of €529,795.
Lisney is seeking offers in excess of €6.5 million for the building, equating to a yield of 7.3 per cent after allowing for purchasing costs. A new owner is bound to look at the potential for redeveloping the 2,603 sq m (28,018 sq ft) block if vacant possession could be secured.
This is likely to be made easier by the fact that the building is located within the 'area action plan for O'Connell Street.
Many of the north Dublin bus services terminate close by on Marlborough Street.
Sackville House has five retail units at ground floor level fronting onto Sackville Place and two overhead floors of offices with access from Marlborough Street. The building dates from 1975.
One of the five shops is currently vacant but three of the others will have their rent reviewed this year.
Dublin City Council is renting the largest of them at €41,901 per annum. Cathedral Books is paying €26,664; Aungier Print pays €27,229 while Delta Travel pays €21,583.
The two floors of offices extending to 1,663 sq m (17,902 sq ft) are rented by the Office of Public Works at €412,344 per annum - representing about 78 per cent of the total rent roll.
The OPW's 30-year lease runs out at the end of 2005.
O'Connell Street has been targeted for a major upgrading by Dublin City Council.
One of the main new features will be a shopping arcade running from a site beside the old Carlton Cinema to Moore Street.
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