Offers in excess of €2 million are being sought for a restaurant investment at 66/67 South Great George’s Street in Dublin 2, which will show a return of almost 7.5 per cent.
Nigel Kingston of Douglas Newman Good Commercial is handling the sale of the ground floor and basement rented by Brasserie sixty6 in an area now noted for its range of restaurants and cafes.
The premises has seating for over 140 diners on the ground floor which extends to 323sq m (3,476sq ft) . There is a further 156sq m (1,680sq ft) at basement level.
Brasserie sixty6 is run by the same group involved in two other neighbouring restaurants, Fade Street Social and Rustic Stone.
The Georges’s Street restaurant is held on two identical 35-year leases from 1996 at a combined contracted rent of €195,000 per annum. The tenants are currently paying an abated rent of €156,000 per annum which is due to run up to the time of the next review in July, 2016.
The entire buildings at 66/67 George's Street originally housed the fashion trader Colette Modes, later Joy Clothing and a then a furniture shop before being bought by businessman John Suttle around 1993 for €400,000. He converted the upper floors into apartments and later let the ground floor and basement to the current restaurateurs.
