Nine apartments and four retail units – all of which are let – at the modern Behan Square scheme on Russell Street in Dublin 1 are fresh to the market at €2 million this week through DTZ Sherry FitzGerald.
The retail element is producing a rent roll of €86,901, while the residential units generate €136,800, giving a total income of €223,701.
Based on the guide price, a purchaser would secure a net initial yield of 10.71 per cent after standard purchaser’s costs of 4.46 per cent.
The retail element extends to a combined 506.51sq m (5,451sq ft). Two of the shops face Russell Street and two into the central square of the development.
They are rented by Wallace’s Asti Restaurant, Zzsel Bakery, Fighting Words and Kling.
Two of the shops have no formal lease in place, one has recently expired, while the Fighting Words unit is held on a 25-year lease from November 2008
Wallace’s Asti Restaurant is set around a central bar with basement storage and offices; Zzsel Bakery is a commercial bakery supplying restaurants/shops directly and is not open for public use; Fighting Words is laid out in a modern open-plan area along with a number of cellular offices; while Kling occupies the remaining unit which is used as storage.
The apartments, each with a modern fit-out, are situated on the upper floors and all have a balcony. Sizes range from 61.5sq m (661sq ft) to 120.7sq m (1,299sq ft), while rents range from €12,600 to €18,600 a year per unit. The total volume of residential space for sale comes to 801sq m (8,622sq ft).
Behan Square is a six-storey development just off the North Circular Road and about 50m from Mountjoy Square. It is within walking distance of O’Connell Street.
