– Restaurant / Leisure Investment (TENANT NOT AFFECTED)
– Potential for Mixed Use Development (S.P.P.)
– Let to Frossway Ltd t/a One Pico
– Current passing rent €110,000 p.a.
– Net rent receivable €99,000 p.a.
One Pico is a highly regarded Michelin Restaurant located just minutes away from Dawson Street and St. Stephen’s Green in the heart of Dublin’s traditional central business and administrative district. One Pico is celebrating 20 years in its present location at the junction of Molesworth Place and Schoolhouse Lane. 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.
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 changing and WC facilities together with customer WCs.
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.
For the avoidance of doubt this is an investment sale and as such the Tenant is not affected by the sale.
Energy Performance Indicator:0.00 kWh/m²/yr
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- Building Age: Second hand
- BER Rating: BER E1