city centre from Irish Life Investment Managers for €10.25 million in an off-market deal. The purchase of the property, which is fully let to Spanish fashion retailerat a passing rent of €728,000 a year, will see the new owner secure a 6.45 per cent return on their investment.
45/47 Henry Street is widely considered to be one of Henry Street’s best retail units. Located three doors from the entrance to the Ilac centre, the B3 energy-rated building has 22m of frontage on to Henry Street and extends to 19,542sq ft over four floors with 11,291sq ft of trading space distributed across its ground- and first-floor levels. Mango has occupied the property since 2014 and has 11.2 years remaining on its lease, with 6.2 years of that term certain.
News of the Henry Street deal comes as Mango continues to expand its presence in the capital and beyond. The company opened a new store at Dundrum Town Centre last May and has plans to open for business at 112-113 Grafton Street early next year. In 2023, it returned to Cork City with the opening of a store on St Patrick’s Street.