The ever-increasing demand for retail investments priced below €5 million in Dublin's south inner city should ensure considerable interest in the Eddie Rockets fast-food outlet at 7 South Anne Street, which is to be offered for sale through Cushman & Wakefield.
Clive Roche of that agency is seeking offers in excess of €4.685 million for the investment, which will show a net initial yield of 5 per cent after the purchaser’s costs are taken into account.
The four-storey, over-basement, mid-terrace building extends to 422sq m (4,542sq ft) and is let to Eddie Rockets on a 35-year full repairing and insuring lease from 1988, leaving more than 5.6 years remaining on the lease.
Profit
The net rent of €244,265 per annum is subject to five yearly upwards only rent reviews, with the next one due in June.
The property is laid out to provide a restaurant at ground-floor level, a food preparation and staff area in the basement, and offices overhead, including the company’s headquarters. In the year ended December 2015, Eddie Rockets (Ireland) recorded a pretax profit of €986,768 with net assets of €5.58 million.
The property is being sold by Alan Conway of Always Consulting Ltd on behalf of Ballybunion Capital.
Clive Roche expects a high level of interest due to the “city centre location, well secured income stream and the scarcity of similar prime retail properties for sale”.
