The continuing demand from private investors for well located city-centre retail properties in Dublin is to trigger yet another sale, this time just 100m from Grafton Street.
The latest investment, a high profile corner building at the junction of South William Street and Wicklow Street, is for sale through agents Knight Frank at €1.4 million. It is currently producing an annual rent of €75,000.
The ground floor and basement are let to Cassidor Ltd, which trades at Meet and Meat, a New York-style deli/cafe.
It has the use of 170sq m (1,830sq ft)| under a 35-year lease from November, 2013, at an annual rent of €70,000. The passing rent works out at only €5.85 per square metre (€63 per square foot), leaving it wide open for a substantial lift at the next review. A roof- mounted antenna produces a further €5,000 a year from Vodafone under a five-year lease from March 2010.
Office space on the upper floors extend to 169sq m (1,822sq ft) over two and three levels with independent access from Exchequer Street. Though the offices are currently vacant, Cassidor has an option to rent this space at €20,000 a year. Alternatively it would suit conversion to residential use.
With a combination of a prime city-centre location and potential to increase the income by letting the upper floors, the investment has the potential to provide a return of more than 7 per cent.
South William Street is now one of Dublin’s most established restaurant quarters with a wide range of cafes and bars as well as an eclectic mix of specialist shops and boutiques.
