A private investor has paid the asking price of €4.95 million for a retail premises beside the entrance to Jervis Shopping Centre on Mary Street in Dublin city centre.

The investment will show a return of 4.8 per cent, according to Michele McGarry of selling agents Colliers International.

The ground floor over basement retail unit at 23A Mary Street is used as a hairdressing salon by Peter Mark. It has 95.9sq m (1,032sq ft) of accommodation at street level and there is a further 92.7sq m (998sq ft) of retail space in the basement.

The well-presented building is let to Peter Mark on a 35-year lease from July 1985 with upwards-only rent reviews.

The tenant has signed a Deed of Variation to extend the term of the lease until 2025, providing an unexpired term of about 10 years. The passing rent of €250,000 a year is up for rent review in 2020.

Peter Mark has been trading since 1961 and has over 70 salons nationwide.