TWM is seeking €8.35m for No 4 Henry Street, a prominent property let to Skechers, a global leader in the lifestyle footwear industry. No 4 is just one of 17 outlets operated by Skechers in Ireland and Northern Ireland.

The building is let to Shuz 4 U Limited trading as Skechers on a 15-year term from September 2010 at a rent of €360,000 per annum, rising to €365,000 per annum in 2019. There is a tenant break option in 2020. The lease is on a full-repairing-and-insuring (FRI) basis.

No 4 Henry Street is situated in a very busy retail location between Arnotts department store and the junction with Liffey Street directly opposite Debenhams and almost directly opposite the entrance to the Ilac Centre.

‘The Blue Buildling’ at 7-9 Henry Street, a new retail building of 40,000 sq ft, has just been let to Next.

The subject property is a modern, four-storey over-basement mid-terrace building with a floor area of approximately 5,750 sq ft. The ground floor retail area extends to just under 2,000 sq ft and has goods access to the rear.

Based on the €8.35m price being quoted by TWM, the prospective purchaser can expect to secure an initial return of 4pc. In October 2016, TWM advised Friends First Commercial Property Fund in its €9.2m purchase of the 3 Store at 35 Henry Street.

On that occasion, Friends First outbid several other investors to secure the property, which had been brought to the market by Savills for a price of €8.25m.

Based on the €425,000 annual rent being paid by 3, the long unexpired lease term of more than 15 years and the security of upward-only rent reviews, Friends First secured a net initial yield of just under 4.5pc – or marginally more than the 4pc now on offer with the sale of No 4 Henry Street.

Sean O’Neill says: “Strong employment figures and positive consumer sentiment particularly in Dublin is likely to lead to increasing rental growth in this prime retail location, thus providing investors with a safe and increasing return on their equity.”

Elsewhere in Dublin city centre, Michele Jackson of TWM is seeking offers in excess of €4.1m for 18-19 College Green.

The property enjoys the benefit of an exceptional location, sitting as it does amidst numerous high-profile occupiers such as Bank of Ireland, Abercrombie & Fitch, H&M and Starbucks.

Trinity College Dublin, meanwhile, is just 180m – or a two-minute walk – from the premises.

There is a Tesco Express store at ground floor level with a single office tenant on the upper floors.

The total passing rent is €222,000 per annum with excellent reversionary potential.

Based on its €4.1m price, the prospective purchaser can expect to secure a net initial yield of 5pc assuming standard purchaser costs of 8.46pc.

Michele Jackson at TWM notes that the guide price reflects an overall capital value of €406 per square foot, which she says “really underpins the attractiveness of this opportunity”.