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Case Study

Freehold Sale of Building in Grafton Street

Wests is one of the country’s oldest jewellers established in 1720 and one of the few owner occupied buildings remaining on Grafton Street. Jones Lang LaSalle were appointed as letting agents for West Jewellers on Grafton Street following their closure in early 2010. 

Jones Lang LaSalle actively marketed the subject unit on a letting basis and received a number of bids and expressions of interest from Irish and International retailers.  In conjunction with the rental offers Jones Lang LaSalle also received an approach from a local jewellers to purchase the building at a strong price above market tone.

Following negotiations, Jones Lang LaSalle exceeded client expectations by agreeing a purchase price of €5 million for the freehold of the building. The sale closed at the end of 2010.  The freehold sale was the first sale of a vacant freehold property on Grafton Street for 10 years.

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