The famous Unicorn restaurant site on Dublin’s Merrion Row has been put for sale, with a guide price of €9m.
The restaurant is part of a larger Merrion Collection site that is earmarked for development, which also includes three adjoining buildings. The sale is being handled by Peter Stapleton of Lisney.
The location is one of the most sought after to come to the Dublin market in recent times – it is within walking distance of many of the most important hotels, office blocks, shopping areas and government buildings in the country. The surrounding location is home to a number of notable office occupiers such as the Royal Hibernian Academy, the Department of Finance, Emirates Airline, Aercap and Bank of Ireland. The entire plot extends to 798 sq.m (8,600 sq. ft) on a gross internal basis.
Located just 250 metres from St. Stephen’s Green, the collection has been assembled over recent years to create a substantial block of property in what is a uniquely underdeveloped portion of Dublin city centre. It is understood that the Ruby Point Ltd syndicate has spent ove €5m assembling the collection since 2014.
It is currently fully let through four separate tenancies. Notably, all of the current rents are considered reversionary, providing future asset management opportunities to increase the rent roll. Three of the leases are due to run out in 2018, while a fourth runs until 2020.
Collectively, the four leases are producing a rent roll of €433,000.
The arrangement of properties offers significant scope for investors to extensively re-develop (subject to planning) a prime city centre site in a bustling quarter of Dublin. Prior to the assembly of the collection, a portion of the offering was granted planning permission in 2008 for the development of mixed use development extending to 1,419 sq. m.
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