Colliers International has sold 23A Mary Street, a prime retail investment, for €5.5 million. The sale price represents a Net Initial Yield of 4.35%.

No. 23A comprises a ground floor over basement retail unit. The property is in use as a hairdressing salon and provides open plan retail accommodation at both basement and ground floor level. Mary Street and adjoining Henry Street enjoy high volumes of pedestrian footfall and No. 23A is well positioned immediately adjacent the entrance of the Jervis Shopping Centre, opposite the main entrance to the Ilac Shopping Centre and just 85m west of Henry Street.

The property is let to Peter Marks Limited on a 35 year lease from the 31st of July 1985. The lease is subject to upwards only rent review provisions. The tenant has just signed a Deed of Variation to extend the term of the lease until July 2025, providing an unexpired term of approx. 10 years. The passing rent is €250,000 per annum, subject to an upward only rent review in July 2020.

Colliers commented that “there was strong interest given the quality of the property, tenant covenant and long unexpired lease term”.