Two adjoining retail buildings on Dublin’s South William Street are to be offered for sale at significant discounts on their values before the property market went into decline.
Domhnaill O'Sullivan of Savills is seeking €1.327 million for 10 South William Street, which is let to Alfie's restaurant, and €850,000 for No 11, which has a musical instruments outlet at street level and three office tenancies overhead.
No benchmark
There have been relatively few sales of properties on South William Street in recent years, largely because it remains one of the busiest and most vibrant streets in the city centre. For many it is a stopover point for a meal or drink after shopping on Grafton Street and the neighbouring streets. The two investments for sale are almost opposite the Powerscourt Townhouse shopping facility.
No 10, a four-storey over-basement building with an overall floor area of 391sq m (4,212sq ft), is rented to Alfie’s at €104,000 per annum. The 25-year lease from 2007 is subject to five yearly upwards-only reviews.
No 11 is slightly larger following the building of an extension to the ground-floor area, which is rented by Joe Lynch Musical Instruments. The 10-year lease provides for a break option in 2015. Three short-term office tenancies on the upper floors bring the overall rent roll up to €75,600.
