20 Photos
Map

5 & 6 Molesworth Place and 1D Schoolhouse Lane, Dublin 2

€1,500,000

Property Features

  • Auction Link - Click here to register
  • A prominent two storey corner building with frontage onto both Molesworth Place and Schoolhouse Lane.
  • The entire building is let to Frossway Limited trading as One Pico.
  • Net rent receivable €99,000 per annum. 
  • Net Inital Yield - 6%
  • Potential for redevelopment subject to obtaining the necessary planning consent.

Johnny O'Connor

Registered Surveyor, here to help.

Bryan Garry

Registered Surveyor, here to help.

Catriona Devine

Solicitor

About This Property

The property comprises a prominent two storey corner site and extends to approximately 203.44 sq.m. (2,190 sq.ft.) net internal area and 278.14 sq.m. (2,994 sq.ft.) gross internal area. The ground floor includes the main restaurant area, reception, kitchen and stores.The first floor comprises a private dining room (The Polo Room), an office, staff changingand WC facilities together with customer WCs.

One Pico is a highly regarded Michelin Restaurant celebrating 20 years in its present location at the junction of Molesworth Place and Schoolhouse Lane.

Location

The property is located just minutes away from Dawson Street and St. Stephen’s Green in the heart of Dublin’s traditional central business and administrative district.

In recent years, the surrounding area has witnessed unprecedented levels of office development and is now home to several large-scale corporate occupiers to include AIB, Barclays, Goshawk and Maples Group amongst others.

Tenancy

Frossway Limited trading as One Pico is the tenant in occupation of 5&6 Molesworth Place, 1D Schoolhouse Lane and 4A Molesworth Place under an expired lease dated 21 October 2002 for a term of 6 years and
6 months from 1 August 2001, with rights of renewal under the Landlord and Tenant Act 1980.

The total passing rent is €110,000 per annum.

The lease covers No. 4A Molesworth Place, the freehold interest of which is not included in the sale.

The net rent receivable for 5 & 6 Molesworth Place and 1D Schoolhouse Lane is €99,000 per annum.

 

5&6 Molesworth Place and 1D Schoolhouse Lane: Freehold interest, subject to and with the benefit of a lease dated 9 November 1925 for a term of 99 years from 29 September 1925.

5&6 Molesworth Place, 1D Schoolhouse Lane and 4A Molesworth Place: Leasehold interest in above mentioned lease dated 9 November 1925.

4A Molesworth Place: Leasehold interest in the above mentioned lease dated 9 November 1925, subject to and with the benefit of a sublease dated 1 November 1928 for the term of 95 years (less the last six months thereof) from 29 September 1928.

No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the vendor in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the vendor. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the vendor. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the vendor.