THE BUILDING THAT houses the Avoca store in Dublin City Centre is for sale for €6 million.
Savills announced today that it has brought 11-13 Suffolk Street, Dublin 2 to the market for sale by private treaty on behalf of Davy Property.
The property is currently rented by Avoca, which pays €430k a year in rent.
Landmark
It expects the landmark Dublin property to attract “significant levels of interest” when it is offered for sale with a guide price of €6 million. According to Savills, this price equates to a net initial yield of 7.02 per cent after the fixed rental increase from December 2013.
The property is let in its entirety to Avoca Handweavers Limited on a 25 year lease from December 1999, and there are around 11 years unexpired in the lease, with no break options.
The current rent is €430,000 per year, which will increase to €440,000 per year in December 2013.
It is a four-storey building over a basement, and has 864 sqm (9,303 sqft) of retail space. It also has a roof top garden and over 16.5 metres of frontage to Suffolk Street.
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