No. 1 Hanover Quay: HQ Gastro Bar & Nutbutter: Immediate Rental Income €300,000/yr
Savills Ireland have brought a landmark licensed gastro bar and restaurant investment opportunity, located immediately adjacent to the Marker Hotel and Bord Gais Energy Theatre, to the market ‘For Sale by Private Treaty’ with a guide price of excess of €5.5m.
The current owner occupier t/a HQ Gastro Bar and Nutbutter is offering investors the opportunity to acquire the freehold interest in the property and will subsequently enter into a new long-term lease subject to a net annual rent of €300,000 per annum. The new lease will be for a term of 20 years, with a tenant break clause at year 15 of the term. The lease will be subject to 5 yearly rent reviews.
Stephen McCarthy of Savills commented
“This is a rare opportunity for an investor to acquire a substantial bar and restaurant property in the heart of the Grand Canal Dock district, the most coveted food and beverage trading location in Ireland.”
The entire property comprises an overall area of 854 sq.m GIA split over 2 trading levels. The combined dining capacity of HQ Gastro Bar and Nutbutter will increase to 345 patrons following an extensive scheduled refurbishment of the entire property which is due to take place in January 2020.
HQ Gastro Bar occupies 264 sq.m of the ground floor; with feature wraparound floor to ceiling glazing overlooking Grand Canal Dock in addition, the property has an extensive heated outdoor terrace providing for year-round outdoor dining. The lower level which comprises 460 sq.m provides for an additional dining area, kitchen, stores, office and customer wc.
The multi award winning Nutbutter trades the Forbes Street ground floor portion comprising 130 sq.m and has its own dedicated customer entrance onto Forbes Street.