13A

13A The Crescent comprises a quaint two-storey mid-terrace commercial property currently used as a café and occupied by the well-known, high end operator, Avoca. The front of the property is laid out to provide for a customer serving area along with a sizable self–contained seating courtyard / customer

13A The Crescent comprises a quaint two-storey mid-terrace commercial property currently used as a café and occupied by the well-known, high end operator, Avoca. The front of the property is laid out to provide for a customer serving area along with a sizable self–contained seating courtyard / customer area.

The rear of the ground floor provides for male and female staff facilities, toilets, staff canteen and storage accommodation. There is a self–contained yard to the rear.

The first floor includes a kitchen area, cold-room and further storage accommodation.

Tenancy

The subject property is leased to and occupied by, Avoca Handweavers Shops Limited t/a Avoca on a 15-year lease from 1st November 2017 at a current passing rent of €90,000 per annum rising to €97,000 per annum on 1st November 2023, €105,000 on 1st November 2026, and subject to a rent review in the tenth year. A side letter dated 8th May 2019 outlines ‘on rent review pursuant to the lease (forth schedule) the rent cannot be reviewed to any figure which is less than €104,500 per annum…’

There is a break option in the tenth year subject to compensation to the landlord of €275,000. The lease is guaranteed by Aramark Ireland Holdings Limited.

Tenure

We understand that the subject property is freehold/long leasehold.

Redevelopment Permission

Planning permission was granted by both Dun Laoghaire Rathdown County Council and An Bord Pleanala in 2010 and subsequently extended in 2014 for the change of use and extension of the premises to provide a retail and office development (ABP Ref. PL06D.234290, DLRCC Reg. Ref. D09A/0291/E). This permission, which provided a total development area of 271 sq m was not implemented and expired on 20 January 2020. This permission demonstrates the future development of the property subject to planning permission.

Avoca Café Permission

A decision to grant planning permission was made by Dún Laoghaire-Rathdown County Council for change of use to a cafe with outdoor seating courtyard on 19th December 2019 under Dun Laoghaire Rathdown County Council planning reference D19A/0513. This is currently under appeal (ABP Ref. PL06D.306456).

Price

Offers are sought in the region of €1,000,000, which represents a NIY of 8.18% and fixed reversionary yields of 8.82% and 9.55% (after the deduction of standard acquisition costs at 9.96%).