A retail and office building with redevelopment potential a minute’s walk from Grafton Street in Dublin 2 has come on the market through joint agents Lambert Smith Hampton and JLL for €4.2m.
The unlisted property at 13 Trinity Street extends into Andrews Lane and offers medium-term redevelopment potential. It was occupied by retailer Denim Nation at a rent of €140,000 a year until October last year. Denim was part of the Best group of shops which went into examinership last year in the wake of the closure of Clerys.
The three-storey over-basement building, which is being sold with vacant possession, has 568.32 sq.m (6,117 sq.ft) of space while its footprint is 220 sq.m (2,368 sq.ft).
Subject to planning permission, the building could be redeveloped in the medium term while also offering the possibility of a short-term retail and restaurant/cafe letting.
Nigel Kingston of Lambert Smith Hampton suggests there is potential to build two extra floors on the Andrews Lane side of the building which could provide an additional 200-250 sq.m (2,153-2,691 sq.ft). Next door, at 10-12 Trinity Street and 16-17 St Andrew’s Street, Francis Rhatigan’s Lotaview Holdings Group is refurbishing 608 sq.m (6,544 sq.ft) of office space which is available for rent on a minimum 10-year lease at €450 a sq.m (€41.80 a sq.ft) through Agar Commercial Property Consultants.
The retail element of this corner building – extending to 550 sq.m (5,920 sq.ft) over the ground, basement and first floors – has been let off-market to UK outdoor recreation multiple Cotswold at a rent of €300,000 a year. This will be Cotswold’s first outlet in the State and it should be open for business in October.
Trinity Street is a coming retail destination as the race for space on Grafton Street spills out into surrounding locations. The council’s plans to pedestrianise College Green should also encourage shoppers to the area.
Article by Irish Times