A TAX-DRIVEN retail investment at Parnell Street in Dublin 1 has come on the market through CB Richard Ellis with a guide of €3.25 million.

The 198sq m (2,131sq ft) unit is occupied by Boylesports at a rent of €214,000 per annum. The 20-year lease from last June provides for upwards-only rent reviews and a break option in year 10. Purchasers will be able to claim tax allowances on over 84 per cent of the purchase price. Up to 50 per cent of the allowance can be drawn down in the first year and the balance over a period of 12 years.

Robert Murphy of CB Richard Ellis says the investment will be of particular interest to investors seeking to shelter rental income. In essence, any surplus income generated from this investment will be tax sheltered, giving an effective yield of close to 7 per cent.

The betting shop forms part of Parnell Plaza and adjoins the Jurys Inn Hotel which was developed by Garret Kelleher’s Shelbourne Developments.