5 & 6 Molesworth Place and 1D Schoolhouse Lane, Dublin 2

FOR SALE BY PRIVATE TREATY (TENANT NOT AFFECTED) 5 & 6 MOLESWORTH PLACE AND 1D SCHOOLHOUSE LANE, DUBLIN 2

PRIME CITY CENTRE RESTAURANT INVESTMENT / DEVELOPMENT OPPORTUNITY (S.P.P.) 5 & 6 MOLESWORTH PLACE AND 1D SCHOOLHOUSE LANE, DUBLIN 2

‘A landmark city centre restaurant investment with redevelopment potential’

EXECUTIVE SUMMARY Potential for redevelopment subject to obtaining the necessary planning consent

A prominent two storey corner building with frontage onto both Molesworth Place and Schoolhouse Lane

Extending to approximately 203.44 sq.m. (2,190 sq.ft.) NIA and 278.14 sq.m. (2,994 sq.ft.) GIA.

The entire building is let to Frossway Limited trading as One Pico

Current passing rent €110,000 per annum

Guide Price €1,950,000

For the avoidance of doubt please note that this is an investment sale and the tenant is not aﬀected. 5 & 6 MOLESWORTH PLACE AND 1D SCHOOLHOUSE LANE, DUBLIN 2

LOCATION 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.

DESCRIPTION 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.

SCHEDULE OF ACCOMMODATION

Net Internal Area (NIA) Gross Internal Area (GIA) Floor sq.m. sq.m.

NB. For identification purposes only Ground 143.60 176.05

First 59.84 102.09

Total 203.44 278.14

Measurements provided are inclusive of 4A Molesworth Place (Approximately 26 sq.m. NIA).

NB. For identification purposes only 5 & 6 MOLESWORTH PLACE AND 1D SCHOOLHOUSE LANE, DUBLIN 2

St. Stephen’s Green

Kildare Street

Q Park Dawson Street

Dawson Street The Property Schoolhouse Lane

Molesworth Place

Molesworth Street

NB. For identification purposes only 5 & 6 MOLESWORTH PLACE AND 1D SCHOOLHOUSE LANE, DUBLIN 2 NB. For identification purposes only

Level GIA NIA GIA Ground Floor 176.05m 143.60m NIA FLOOR PLANS First Floor 102.09m 59.84m 4A Molesworth Place Total 278.14m 203.44m

2040 7705 Note: Rooms with no access were not Real Estate Consulting included in the area calculation. Real Estate Consulting

COLD STORE 1250 15 Herbert Place, Dublin 2, Ireland 15 Herbert Place, Dublin 2, Ireland

E: [email protected] E: [email protected] KITCHEN 2674 W: www.logical.ie W: www.logical.ie COLD STORE T: 01 443 4155 T: 01 443 4155 1294 4136 2730 839 M: 087 0505 986 M: 087 0505 986

1161

355 2577 7183 1330 330

ENTRANCE 1615 LOBBY 1279 BAR 3121 4539 4509 511 2167 3838 No. Description Date No. Description Date 1001 1030 0 ISSUED 11/09/2020 0 ISSUED 11/09/2020 2096 1942 325 1036 RECEPTION 1783 5635 1561

4209 276 684 601 964 504

1116 923 594

939 384 384 934 1617 1626

2016 187 1133 213 2069 1731 1911 1587 1148 3438 OFFICE 842 1027 873 4515 1074 1314

KITCHEN

DINING ROOM 865 1537 2880 2662 6345 1146 2679 300 2639

DOWN TO 1217

First Floor 1068

2414 KITCHEN 300 1914 430 2 GIA = 102.09m 2402 2534 300 9192

300 2619 267 1313 2644

790 NO ACCESS

240 1555 1095 FUNCTION ROOM MEASURED SURVEY MEASURED SURVEY 790 2884 1154 DRAWINGS DRAWINGS 12622

2717 1291 4588 Ground Floor DOWN GIA = 176.05m2 1770 1314

1716 1316 1990

928 390 2327 IT 2257 SHOULD BE NOTED THAT THIS IS A IT SHOULD BE NOTED THAT THIS IS A MEASURED SURVEY DRAWING FOR MEASURED SURVEY DRAWING FOR 1160

1083 2706 300 2612 1052 INFORMATION PURPOSES ONLY AND INFORMATION PURPOSES ONLY AND THEREFORE IS LIMITED IN ITS CAPACITY TO THEREFORE IS LIMITED IN ITS CAPACITY TO 49 1582 300 899 CONVEY THE TOTAL INFORMATION CONVEY THE TOTAL INFORMATION 2809 2710 2013 860 1036 1046

1819 900 3305

4561 CHANGING 2407 ROOMS Client: - Client: - 2988 1691

Hallway 1168 1075 3387 Property Address:MALE TOILET Property Address: 203 1090

1669 2262 One Pico Restaurant One Pico Restaurant 2693 300 2625 FEMALE TOILET 1087 890 880 5 Molesworth Place, 5 Molesworth Place, 690 682 School House Lane East, Dublin 2 School House Lane East, Dublin 2

250 1166 128 202 903 717 1544 1112 1131 1479 2017 104 1065 3180 1072 197 1292 5618 1420 Drawing Name: Drawing Name: Ground Floor First Floor GROUNDGround Floor FLOOR Plan FIRSTFirst FLOOR Floor Plan General Arrangement Plan General Arrangement Plan Scale - A3 @ 1:100 Scale - A3 @ 1:100Project Number: 2020/082 Project Number: 2020/082 GIA Level GIA NIA Date: 11/09/2020GIA Level GIA NIA Date: 11/09/2020 Drawn by: Drawn by: NIA Ground Floor 176.05m² 143.60m² M. KellyNIA Ground Floor 176.05m² 143.60m² M. Kelly Checked by: M. Flood Checked by: M. Flood First Floor 102.09m² 59.84m² First Floor 102.09m² 59.84m² Note: Drawing No: Note:020.082.SD.100 Drawing No: 020.082.SD.101 Rooms with no access were not Rooms with no access were not Total 278.14m 203.44m Total 278.14m 203.44m included in the area calculation. ² ² Scale: includedA3 in@ the1:100 area calculation. ² ² Scale: A3 @ 1:100 5 & 6 MOLESWORTH PLACE AND 1D SCHOOLHOUSE LANE, DUBLIN 2

TENANCY 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 St Stephen’s Green Luas for 5 & 6 Molesworth Place and 1D Schoolhouse Lane is €99,000 per annum.

COVENANT Frossway Limited has a Vision Net Rating of 91/100.

TITLE SUMMARY 5&6 Molesworth Place and 1D Schoolhouse Lane: Freehold interest, subject to and with the benefit of a lease dated 9 November 1925 for a term of 99 years from Grafton Street St Stephen’s Green Shopping Centre 29 September 1925.

5&6 Molesworth Place, 1D Schoolhouse Lane and 4A Molesworth Place: Leasehold interest in above mentioned lease dated 9 November 1925.

4A Molesworth Place: Leasehold interest in abovementioned lease dated 9 November 1925, subject to and with the benefit of a sub- lease dated 1 November 1928 for the term of 95 years (less the last six months thereof) from 29 September 1928. National museum of Ireland Government Buildings 5 & 6 MOLESWORTH PLACE AND 1D SCHOOLHOUSE LANE, DUBLIN 2

GUIDE PRICE SOLICITOR €1,950,000 (reflecting a net initial yield of 4.62% after standard Christie & Co. purchaser’s costs of 9.96% and a capital value of €714 per sq.ft.) 4/5 Taney Hall, Eglinton Terrace, Dundrum, Dublin 14 Contact: Ms. Caitriona Devine VAT E: [email protected] T: +353 (01) 260 7100 Please refer to agent.

AGENT DETAILS LOCAL AUTHORITY RATES QRE Real Estate Advisers €13,731.60 (2020) Bryan Garry MRICS MSCSI BER E: [email protected] M: +353 (0) 83 3918 649

BER No: 800328114 Conor Whelan Energy Performance Indicator: 1363.12 kWh/m²/yr2.15 MRICS MSCSI E: [email protected] M: +353 (0) 86 777 8808 VIEWINGS All viewings are strictly by appointment through the sole qre.ie selling agents QRE Real Estate Advisers.

PSRA Registration No. 003587 The agents on their own behalf and on behalf of the vendor/lessor of this property, give notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither the agents nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness.