Grafton Street retail investment with full planning for four apartments seeks €2.35m – The Irish Times

Private investors and family offices looking to secure a foothold or to increase their existing presence in Dublin’s foremost retail thoroughfare may be interested in the sale of number 109 Grafton Street.

Acquired by the current owners, Grafton Sarl, for about €3 million in 2022, the property is now being offered to the market through agent Colliers at a guide price of €2.35 million. Should a sale take place at that level, the incoming owner would be in line for a net initial yield of 6 per cent based on the property’s current rental income of €155,000, which is being derived from two tenants.

Number 109 Grafton Street comprises a mixed-use building of 254sq m (2,730sq ft). The ground floor and basement account for approximately 91sq m (975sq ft) of that space while the four upper floors extend to an overall area of 163sq m (1,755sq ft).

The ground floor and basement are let to Iris Galerie on a four years and 11 months lease commencing on April 30th, 2025, and expiring in March 2030 at a passing rent of €110,000 a year, while the upper floors are occupied by Gloss Nail Boss Academy on a four years and 11 months lease commencing on November 15th, 2024, and expiring in October 2029 at a passing rent of €45,000 a year.

There is significant potential to increase the building’s rental income. The current owner secured planning permission in September 2023 to convert the upper four floors from commercial to residential use. The approved scheme allows for the installation of four one-bedroom apartments across the building’s first to fourth floor levels.

Grafton Street has long been acknowledged as Ireland’s most sought-after high street retail area. The subject property’s neighbouring occupiers including Butlers Chocolate Café, and the fashion retailers Icicle and Mango. More generally, Grafton Street’s leading occupiers include Brown Thomas, Marks & Spencer, Weir & Sons, Lego, Rituals and Massimo Dutti. The street continues to demonstrate robust demand from Irish and international brands, with 27 new store openings over the past five years and vacancy currently standing at just 2 per cent.

Michele McGarry of Colliers says: “109 Grafton Street presents a rare opportunity to acquire a trophy asset on Ireland’s premier retail street. With its prime city-centre location, strong occupier appeal and significant long-term potential, this property should attract interest from a broad range of purchasers.”