18 Wicklow Street, a retail building let to master tailors, Louis Copeland and Sons, is for sale.
The guide price is in excess of €2.5m, which equates to a net initial yield of 6.51%.
The sale is being handled by property consultants, Savills, who expect the high profile Dublin property to attract significant levels of interest from a range of investors.
The property is currently let in its entirety to Louis Copeland and Sons on a 25 year lease from November 1998, with over 9.5 years unexpired, upwards only rent reviews and no break options. The current passing rent is €170,000 per annum. Louis Copeland & Sons is the premier name in men’s high end fashion and tailoring in Ireland, with 6 stores in Dublin and 1 in Galway.
The property comprises a 4 storey over basement mid-terraced building extending to approx. 296 sq.m. (3,187 sq.ft.) of retail accommodation. The property is currently utilised as a high end men’s clothing store which includes retail on the ground and first floor with ancillary accommodation on the basement, second and third floors.
Located just 150 metres from Grafton Street the property occupies a high profile position on Wicklow Street. Wicklow Street is a bustling street rapidly growing in popularity, due to its close proximately to Grafton Street and the trendy new restaurant quarter centred on the junction of South William Street, Exchequer Street, Wicklow Street and St. Andrew Street. Neighbouring occupiers include Brown Thomas, Kiehls, Lacoste and Weirs Jewellers. Fashion brand COS is the latest retailer to join the street confirming the location’s international draw.
Diane Crean from Savills commented, “18 Wicklow Street offers a unique opportunity to acquire a fully income producing asset. This is a rare commodity, to have such a quality asset, with an excellent income profile in a single ownership. Due to the attractive lot size and the covenant strength of the tenant, we anticipate this opportunity will appeal to a wide range of investors.”