Property That Houses Dublin's One Pico Restaurant Hits The Market
The property that houses Dublin restaurant One Pico has hit the market via commercial real estate advisory firm QRE with a guide price of €1.95 million.
As reported by The Irish Times, the property, which is located at 5 and 6 Molesworth Place and 1 Schoolhouse Lane in the capital, is being offered for purchase with One Pico in place as a tenant.
Frossway Ltd, trading as One Pico Restaurant, is over-holding on an occupational full repairing and insuring (FRI) lease that expired in 2008, with a current contracted yearly rent of €110,000. The lease covers number 4A Molesworth Place, the freehold interest of which is not included in the sale. The yearly net rent receivable for numbers 5 and 6 Molesworth Place and 1D Schoolhouse Lane is €99,000.
One Pico's main restaurant area, reception, kitchen and stores are situated on the property's ground floor, and the first floor is comprised of a private dining room, an office, staff changing facilities and WC facilities.
"A Once-In-A-Lifetime Opportunity"
The Irish Times quotes Bryan Garry and Conor Whelan of QRE Real Estate as saying, "The acquisition of this landmark property will provide an investor with a once-in-a-lifetime opportunity to own a renowned restaurant investment property in the heart of Dublin's central business district. Alternatively, the purchaser is likely to consider the redevelopment of this unique corner site in the longer term in light of the scale of nearby development undertaken in recent years."
© 2020 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.