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.
Registered Surveyor, here to help.
Registered Surveyor, here to help.
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.
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.
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.
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