Pembroke Street building for €2m

Mixed-use development producing rental income of €141,000 per annum

27-29 Lower Pembroke Street in Dublin 2
27-29 Lower Pembroke Street in Dublin 2

With Irish investors back in the market for well-located properties, agent CBRE should have little difficulty in finding a buyer for two shops and overhead offices in a modern building at 27-29 Lower Pembroke Street in Dublin 2.

The agency is quoting €2 million for the mixed-use building which is producing a rental income of €141,000 per annum.

At that valuation the capital value of the building works out at €3,293 per sq m (€306 per sq ft) while the net yield will be 6.74 per cent.

The four-storey over basement building with an overall floor area of 606sq m (6,520sq ft) has two retail units at ground and basement levels and open-plan offices overhead.

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There are two car parking spaces with the property accessed from Pembroke Lane. One of the shops is let to men's fashion retailer Louis Copeland on a 35-year lease from 1991 at an annual rent of €45,000 per annum.

The adjoining retail unit is let to Coffee Angel on a 15-year lease from 2013 at a rent of €21,000 which is due to rise to €25,000. The office accommodation on the first and second floors is let to two tenants and producing an annual income of €75,000.

One of the floors was recently let to Kinetic Partners on a 10-year lease at €355 per sq m (€33 per sq ft). The third floor is vacant.

The building is in south Dublin’s Georgian quarter close to Lower Baggot Street and Fitzwilliam Square.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times