AN UNUSUAL investment has come on the market in Bray, Co Wicklow, involving the retail element of the Bray Town Hall, the best known building in the town.

Agent Mason Owen Lyons is seeking €2.6 million for the McDonalds restaurant which is currently producing a rent of €120,000 per annum. At that asking price the net yield would be 4.15 per cent.

The town hall was built in 1884 and was substantially refurbished in 1992 to accommodate the restaurant and the chamber for Bray Urban District Council. McDonalds rents 483.19sq m (5,201sq ft) at four different levels with the main restaurant on the ground floor. All areas of the building, with the exception of the council chamber, are let to McDonalds Restaurant of Ireland Ltd on a full repairing and insuring lease for 35 years from 1997. This leaves 24 years to run on the lease.

Bray UDC leased the retail part of the building to the present owners for 150 years from 1991 at a rent of €254 per annum. The council, in return, is liable for 25 per cent of the cost of maintaining the roof and structure of the building.