Investors looking for immediate rental income from a strong tenant line-up in a prime Dublin city centre location will be interested in the sale for €5.5 million of numbers 17-19 Wexford Street.
Located on the hugely popular Wexford Street to Camden Street strip where occupiers include the internationally renowned Whelan’s and within a short walk of both St Stephen’s Green and Grafton Street, the subject property is being offered to the market by agent DNG Commercial fully let and generating total rental income of €402,544 per annum. Should a sale proceed at the €5.5 million guide price, the purchaser stands to secure a gross initial yield of about 7.32 per cent.
The subject property briefly comprises a four-storey, mixed-use building. The ground floor is occupied by two of Ireland’s best-known fast-food restaurant chains – Eddie Rockets and Wow Burger. Both units are fully self-contained and are occupied on long-term full repairing and insuring (FRI) leases. The first, second and third floors comprise 10 fully let apartments. The weighted average unexpired lease term (Wault) is 7.37 years to break and 13.87 years to expiry.
The American-style diner Eddie Rockets (Ireland) Limited occupies 19/19A Wexford Street on a 35-year lease from March 1st, 1998, and is paying an annual rent of €110,000.
Historically there was signage on the gable wall above Eddie Rockets facing up Camden Street. The vendor has been approached by several companies to install a digital signboard. This could result in additional income for interested parties subject to planning permission.
Svetac Limited trading as Wowburger occupies 17/18 Wexford Street on a 20-year lease from the October 2022, and is paying an annual rent of €110,000. There is a tenant-only break option on the expiry of year seven, subject to six months written notice. Wow Burger opened its first location in 2017 and have expanded to 12 locations in Ireland and one location in England.
The 10 apartments are fully let on annual rolling lease agreements and are generating total rental income of €182,544 per annum.
