A new state-of-the-art bar and restaurant called 'Hyde' is to open just off Dublin's Grafton Street.
The new establishment is housed in the three-storey multi-let building, part of the Creation Arcade, which fronts onto Duke Street, extends to approximately 1,199 square metres and is currently let to Nespresso.
The Hyde bar, which is currently being fitted out, will be operated by a consortium of Mike Ormond and Ian Redmond, who have operated two food and beverage outlets in Dublin Airport since 2009. John McCafferty, formerly of the Pembroke Bar and Restaurant in Dublin 2, will also be a partner in the new venture.
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Savills has slapped a €12 million price for the entire property, which has a current rent roll of approximately €625,000 per annum and will reflect an initial yield of 4.99 per cent.
Domhnaill O'Sullivan, Director of Investments at Savills Ireland commented: "Savills expect strong interest from institutional investors who continue to pursue prime high street retail assets. Grafton Street is witnessing strong rental growth making it a number one choice for investors."