The Crampton Buildings in Temple Bar, Dublin, are to be offered for sale at a guide price of €7.8 million. Savills and DTZ Sherry FitzGerald are handling the sale of the property located in the heart of Dublin’s cultural and tourist quarter.
They expect significant levels of interest from both domestic and international investors. The property is a multi-let retail investment block of twelve units, and has current rent roll of €583,000 per annum with an additional three units presently vacant and available to let through DTZ Sherry FitzGerald.
The property consists of a three storey over basement period block. Retail and restaurant units occupy the ground and basement levels, whilst the upper floors are in residential use. Dublin City Council owns the long leasehold of the upper levels which is accessed separately from Asdills Row. Extensive refurbishment works are underway to provide 28 new apartments and a remodelled courtyard which will greatly improve the aesthetics of the development and the façade. The work is due to be completed in the summer of 2015.
The total area of the asset is approximately 17,239 sq. ft. (1,602 sq.m.) with a ground floor of 9,311 sq. ft. (865 sq. m) and a basement area of approx. 7,928 sq. ft. (736.5 sq.m.) and a weighted average unexpired lease term in excess of 7.37 years based on the rent receivable. Tenants include Elephant & Castle, Gallagher’s Boxty House Ltd, Abrakebabra and Forbidden Planet.
According to the agents, The Crampton Buildings offers a rare prospect in acquiring twelve retail / restaurant units in a truly prime location within a minute’s walk of the main shopping thoroughfares of Grafton Street, Henry Street, O’Connell Street and the world renowned Trinity College.
The well located retail units are expected to appeal to a wide range of investors, both domestically and internationally.