High-Yield Opportunity in Historic Landmark

Irish Life Investment Managers (ILIM) is offering 5 GPO Buildings, a retail ​investment ⁢property on Henry street in Dublin ⁢city center, for sale at a guide price of €2.7 million. The property currently delivers an initial ⁤yield of⁤ 13.5%, presenting a potentially lucrative opportunity for investors as of October 22, 2024.

Property Details and Current tenancy

The property, acquired by Irish⁤ Life in 2015 as part of a larger €154 million portfolio purchase – the Sovereign portfolio – from Royal⁤ london Asset Management, comprises a ground floor and ‌basement retail unit spanning 165 square meters (1,774 square feet). It is currently occupied by phone retailer Three Ireland ⁢and sublet ‌to international jewellery brand Lovisa.

the existing lease with Three Ireland has three ‌years remaining,generating an annual rental income of €410,000.Lovisa Ireland Limited sublets space under license, contributing €175,000 annually, with a lease expiring one month prior to the Three Ireland lease.

Future Rental⁤ Potential

should Lovisa Ireland Limited choose to‌ enter into a new lease agreement upon the expiration of their current arrangement, the selling agent anticipates ​the ⁣purchaser could‌ reasonably expect‌ to secure at ‌least the current annual rental⁣ income of⁢ €175,000 from that tenant. This suggests a degree of ⁢stability in potential future revenue.