Tag: dublin

Brown Thomas begin €1.5 million revamp

Posted on | by Aisling Rafferty

Brown Thomas on Dublin’s Grafton Street have begun a €1.5 million revamp to their flagship department store. Hoarding has been erected over the last few weeks as repairs begin on the building’s exterior. It includes work to the brickwork and water damage.

The work is all part of an estimated €20 million refurbishment programme which aims to modernise the iconic store. The work will take 12 weeks to complete and will include work to their South William Street and Clarendon street entrances.

The work has been planned carefully and will not affect business. It has been planned meticulously, so as not to disturb the shopping day. Managing Director Stephen Sealy said “If you plan it carefully it won’t affect the business. “It will cost us about €1.5 million but it’s the right thing to do. Ultimately, it’s an investment in the future of the business.”

Brown Thomas have seen a lift in sales of late. They have stores across in Dublin, Cork, limerick and Galway and BT2 outlets in Grafton Street, Henry Street, Dundrum and Blanchardstown. In 2014 Brown Thomas had a profit of €4.7 million.

Grafton Street Retail and Office Portfolio to sell for €118 million

Posted on | by pointblank_admin

Royal London Asset Management is planning to offload eight prime retail properties and five offices in Dublin City Centre with an overall value believed to be in the region of €118 million. The portfolio includes the weekend 24 hour McDonalds on Grafton Street.

The sovereign portfolio currently produces an overall rent roll of €7,412,200. It would give the purchaser a 6% net return according to the selling agent CBRE. Royal London has been weighing up the option to sell the lucrative portfolio for some time. They had previously offered the same portfolio in 2009 and 2010 but withdrew it both times as a result of the property crash.

Investors will have the option to bid for the entire portfolio or separately. The sale offers serious scope across Dublin with properties on Grafton Street, Henry Street, Dawson Street, O’Connell Street and Westmoreland Street as well as Patrick Street, the main shopping avenue in Cork.

CBRE is inviting offers in excess of €83.3 million for the retail portfolio which is producing a rent roll of €4,514,686 and will show a net initial return of 5.18 per cent.

The selling price for the offices will be at least €34.7 million and with these investments rented at €2,897,514 the net return in this case will be 7.99 per cent.

The most valuable asset in the portfolio is the McDonalds which resides on 7-11 Grafton Street which bring in an overall rent of €1,820,000. The other main retail contributor is Office Shoes who pay €990,000, as well as The Body Shop at €165,000 and Swan Training at €65,000.

Some of the other properties include:

85-86 Grafton Street – Clarks Shoes and Pamela Scott

Hodges Figgis – 57-58 Dawson Street

Tower Records and Optica – Dawson Street

Motivational Weight Management Dr. Simon Collins – Dawson Street

Vodafone – 51-52 Henry Street.

02 – 5 GPO Buildings Henry Street

Clarkes Shoes – 43/44 – O’Connell Street.

11 Patrick Street

Source: http://www.irishtimes.com/business/commercial-property/prime-office-and-retail-portfolio-for-118m-1.2200873