Silicon Docks retail investment guides in excess of €960,000
Self-contained 485sq m unit is under leases expiring in 2030 with break option in 2020
Shelbourne Plaza on Ringsend Road in Dublin 4 is about 300m from Barrow Street, where Google occupies a number of buildings.
A retail investment in Dublin’s Silicon Docks area goes on the market today at a price in excess of €960,000.
Agents JLL are handling the sale of the investment which forms the ground floor of a seven-storey mixed-use development at Shelbourne Plaza on Ringsend Road in Dublin 4.
Mutual break option
Units A and B provide a self-contained retail unit of 485sq m (5,232sq ft) currently used by Bikram Yoga Studio under two leases that expire in 2030. There is a mutual break option in 2020, providing a certain term of over four years.
The rent reviews under both leases provide for a rent of €84,000 which reduces to €80,000 a year in October 2017. Shelbourne Plaza is located on Ringsend Road at the junction with Bridge Street, about 2km east of Dublin city centre. It is about 300m from Barrow Street where Google occupies a number of buildings.
Brian Shields of JLL said the sale was a great opportunity for an investor to acquire a property in an area which continues to improve and develop. Bolands Quay, a short walk away, would further enhance the high-quality mixed-use schemes in this part of the city, attracting office and residential occupiers alike.
The Shelbourne Plaza unit previously had planning for office use. Given the significant growth in office rents in the area in recent years and the strong occupier demand there is clear potential for an investor to look at a change of use into the future to coincide with the break options.