Zizzi signed a 25-year lease, running to January 2042 and currently have a passing rent of €200,000Agent JLL is guiding a price of €7.15 million for Nos 24 and 25 Suffolk Street in Dublin city centre. The investment, which occupies a prime location just off the bottom of Grafton Street, comprises two four-storey over-basement buildings set out for retail and restaurant use at street level with offices overhead. Combined, the two buildings extend to approximately 17,784 sq ft .
Twenty-four Suffolk Street comprises a mid-terraced period building constructed in 1919, extending to 6,793 sq ft . The ground-floor retail unit is occupied by the popular UK & Ireland Italian restaurant chain, Zizzi, which accounts for 74 per cent of the building’s rental income. Zizzi signed a 25-year lease, running to January 2042 and currently have a passing rent of €200,000 annually following a strong rent review.
Twenty-five Suffolk Street is an end-of-terrace building, comprising a mix of period and contemporary designs extending to 10,991 sq ft . Fáilte Ireland, which leases the ground floor, has vacated the unit and will be exiting upon the expiry of their lease in November 2023. The Bodywise Clinic occupy the second floor on a 10-year term. While the clinic had the option to break its lease last year, it did not exercise it, underpinning its commitment to the space. Likewise, the third-floor tenants, FFA Chartered Accountants, have been in occupation on a 35-year lease since 1989.
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Source: IrishTimes - 🏆 3. / 98 Read more »