Investors looking to secure a foothold in one of Dublin city centre’s foremost shopping destinations will be drawn to the opportunity presented by the sale of 44 Henry Street.
The property, which is fully let to the successful retailer Carrolls Irish Gifts, is guiding at a price of €4 million through agent Colliers. Should a sale proceed at that level, the new owner would be in line for a net initial yield of 8.23 per cent after standard purchaser’s costs.
No.44 Henry Street extends to a net internal area of 396sq m (4,263sq ft) in total and comes with independent access to the upper floors from O’Connell Street, as well as rear access via Sampsons Lane.
The subject property occupies a high-profile position on Henry Street and sits close to key occupiers including Arnotts, JD Sports, Next, River Island, Mango, Schuh, Levi’s, Dubray and Foot Locker. Sports Direct and Zara are due to open new flagship stores in the former Debenhams department store site. Danish retailer Normal recently opened its first Irish store in the Ilac shopping centre.
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No.44 is fully let to Carrolls Irish Gifts under a single 35-year full repairing and insuring (FRI) lease expiring in April 2030 at a total passing rent of €362,000 a year. The lease, which commenced in 1995, is subject to upward-only rent reviews.
Established in 1982, Carrolls is one of Ireland’s most successful retailers, operating 18 stores in city-centre locations nationwide and employing more than 400 staff.
Michele McGarry of Colliers says that No.44 Henry Street “offers secure income from a nationally recognised retailer on one of Dublin’s busiest shopping streets. Its prime location and strong profile will appeal to investors seeking high-yielding city-centre retail opportunities”.
