Iput seeks 17.25 million euros for Topshop’s flagship building

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Largely dormant since the departure of British fashion retailer Topshop, one of Dublin’s finest commercial buildings, 6-7 St Stephen’s Green, is offered to the market to buy or rent from its owners, the company Irish real estate Iput.

Co-agents Savills and BNP Paribas Real Estate predict a price of 17.25 million euros for the whole building, which comprises 2,482 m² (26,716 sq ft) of space divided between three floors of commercial use and three floors of self-contained office space above, with independent access at street level. The commercial element of the building on the ground floor, basement and first floor (2,069 m²/22,271 sq. ft.) is alternatively made available for an annual rent of €875,000.

The building comes to market in excellent condition with all retail floors connected by an open stairwell and serviced by a hoist and hoist.

The general offices are independently accessed from St Stephen’s Green and comprise 412m² (4,434sq ft) of period accommodation with views over St Stephen’s Green. The second floor is currently vacant while the third and fourth floors are generating revenue. They are leased to Cundall (Ireland) Ltd who occupy them under a short-term lease expiring in August 2024 at an annual rent of €89,373 per year exclusive.

The building was originally built in 1870 for famous Dublin wine merchants and grocers Robert Smyth & Co and the elevation, with its many elaborate stone carvings, still retains the initials RS.

Wallet

Iput secured ownership of 6-7 St Stephen’s Green in 2014 as part of its €115m cash acquisition of the Salix Fund, a portfolio of 13 quality properties held by the Bank’s staff pension fund of Ireland. The portfolio also included a 50% stake in the sprawling B&Q retail warehouse in Liffey Valley, a one-third stake in Dublin’s former IDA headquarters at Wilton Place, as well as a mix of industrial and commercial properties. At the time of the 2014 deal, Iput would have attributed a value of over €20 million to 6-7 St Stephen’s Green based on the building’s then rental income of €2 million per year.

The Bank of Ireland staff pension fund, for its part, had bought the property for 6 million Irish pounds in August 1995 from a consortium which included members of the rock band U2. Following this deal, it was converted from the Galleria shopping center to house Ireland’s first Habitat, the indoor lifestyle retail brand founded and made famous by the late and legendary British designer Terence Conran.

Commenting on the outlook for 6-7 St Stephen’s Green, Stephen McCarthy of Savills said: “The building is steeped in history and is an icon of the Grafton Street area. This is a rare opportunity to rent or buy a flagship property, which we are sure will appeal to a host of occupiers and investors given the caliber of the location and the potential for expansion. use.

Eoin Feeney of BNP Paribas Real Estate adds: “Existing commercial floors, subject to development, offer potential for conversion into catering or leisure, two sub-sectors where occupier demand is strong. Regardless of the end use, an investor would see significant potential for future rental growth, as Dublin city center continues to be undersupplied in terms of large ground retail properties.

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