Prime city centre investment with added value prospect –

Aviva Life and Pensions Ireland DAC is selling one of Dawson Street’s best known mixed-use properties, Royal Hibernian Way (RHW) in Dublin.

It currently generates annual rents of €2.78 million and the joint agents TWM and JLL say there is potential to significantly increase this rent by leasing the vacant retail units where there is active tenant demand or where they have been kept vacant to facilitate the redevelopment of 12 Duke Lane.

There is also an imminent rent review for the offices space let to Davy stockbrokers.

The property may also appeal to developers as there is scope to extend 12 Duke Lane and increase the overall floor area of the existing office space on Dawson Street.

They are quoting a price in excess of €80m which equates to a capital value per sq ft of about €867.

Based on the passing rent the price would also generate an

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