Although he has refinanced his own personal loans out of NAMA, David Daly’s Albany Homes is understood to be still a customer of the Agency. Today, we learn via Jack Fagan in the Irish Times that David has sold two adjoining shops on Dublin’s Grafton Street to GLL Real Estate Partners, a German property investment group with a portfolio that spans Europe and the United States. Known to many of you as the River Island and Wallis stores at the Trinity College end of Grafton Street, the adjoining stores at 103 and 104 Grafton Street are reported to have fetched “just over €40m” representing a 65.2% decline from the €115m understood to have been paid by David Daly in 2007. The shops generate present rents of €2.94m – about €220 psf – and the present sale price of €40m represents an initial gross yield of 7.35% – Jack Fagan says 6.85% but that may take into account transaction and management fees.
The retail sq footage of 103 (River Island) is understood to be 10,000 sq ft and of 104 (Wallis) to be 3,300 sq ft. But there appears to be additional space on upper floors. River Island is subject to a long upwards only rent review lease and Wallis has a 10-year unexpired lease.
NAMA will be keenly watching the transaction, because we learned recently that the Agency was set to spend €1.5m remodeling 57 and 58 Grafton Street in works that will provide another large floorplate retail space on what was once Dublin’s premier shopping street, but which these days has become somewhat grotty with newsagents, gift shops, fast food outlets, sandwich shops, ice cream shop and of course mobile phone shops.
David Daly and wife, Mary, are presently enjoying a litigation spree. Not only are they suing the publishers of the Independent for libel but at the end of last year, they launched an action in Dublin’s High Court against the Minister for Finance, the Minister for Education and Skills, the Minister for the Environment, Community and Local Government, the Government of Ireland, Ireland, the Attorney General and the Revenue Commissioners.