With private investors now competing strongly for good quality retail properties in Dublin city, CBRE will have little difficulty in finding a buyer for the Cinders shoe shop building at 22 Wicklow Street which goes on sale today.
The agency is quoting €1 million for the mixed-use premises which is producing a rental income of €68,900 and will give the new owner a net initial return of 6.6 per cent.
At that selling price, the four-storey over-basement building, with an overall floor area of 182sq m (1,960sq ft) including an extension to the rear, is valued at €5,478 per sq m (€509per sq ft).
Cinders are paying a rent of €50,000 for the ground floor and basement under a 20-year lease from March, 1998. The three upper floors are rented at €18,900 per annum by Done Deal, the online classifieds company.
The mid-terrace building is located along one of the busiest stretches of Wicklow Street and, according to CBRE, is likely to attract considerable interest from domestic investors because of its lot size.
