Unit 2, Ivy Exchange, Parnell Street, Dublin 1, Co. Dublin, D01W2V8

Developed in c.2006, Unit 2 was built as part of the Ivy Exchange mixed use development. The unit comprises ground and mezzanine floor accommodation extending to 1,517 sq m (16,325 sq ft) and 1,091 sq m (11,743 sq ft) respectively with the unit extending in total to 2,608sq m (28,068 sq ft). Ivy Exchange is located along Parnell Street in the north city centre, a short distance west of O’Connell Street Upper and north of the popular high street retail destination Henry Street. Unit 2 is adjacent to Chapters Bookstore and situated between Dominick Street Lower and Parnell Square West. The immediate area benefits from a high concentration of modern private apartment schemes along with several office blocks surrounding the asset such as Kings Inn House located just to the west of Unit 2, just of Kings Inn Street, which houses a number of state bodies. In addition to Kings Inn House there is Chapel House, which houses the offices of Primark. Both these established offices in addition to the Ilac Centre, provide for a busy locality of both office occupiers and shoppers which proves advantageous to Unit 2. The LUAS line provides an easy connection for customers to travel further afield. The property is fully occupied by Tesco Ireland Limited on a 25-year lease IRI lease from November 2007. The total passing rent equates to €495,000 (exc. VAT) per annum. The lease commenced in November 2007 equating to a WAULT of c. 6.5 years to expiry and as such rent reviews are upward only and in 5 yearly intervals. There is an outstanding upwards only rent review from 12th November 2023. We are quoting a guide price of €6,925,000 which equates to a Net Initial Yield of 6.5% assuming standard purchasers’ costs of 9.96%. Please contact Peter Love or Niall Kellegher of Cushman & Wakefield for further information.