Agent BDM Property is offering three Dublin investment properties to the market at guide prices ranging from €850,000 to €2.6 million.
The first property is number 16 Fitzwilliam Square, a four-storey over-basement Georgian building and rear mews located in the heart of Dublin’s traditional central business district. The main building extends to 368sq m (3,960sq ft) and is let in its entirety on a new 20-year lease with a stepped annual rent of €125,000 increasing to €140,000 in year 3.
The mews, which extends to 72sq m (770sq ft), is let on a two-year licence at an annual rent of €27,000. BDM are guiding €2 million for the main building, offering the prospective purchaser a net initial yield of 6.36 per cent or €2.6 million for the entire, which equates to a net initial yield of 5.84 per cent.
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The second property comprises Units 4 and 5 on Temple Bar Square in Dublin city centre. The fully fitted cafe unit is being offered subject to a sale-and-leaseback to Cool Hand Coffee Roasters on a new 15-year lease, with a break option in year 10, at an annual rent of €65,000. The guide price is €850,000, which reflects a net initial yield of 7 per cent.
RM Block
The third investment comprises a retail/supermarket unit at Old Bawn Shopping Centre in Tallaght, Dublin 24. The property is occupied by a Centra convenience store, recently assigned to Musgrave Ltd, and is generating €78,450 in annual rental income on a 35-year lease from 2006, expiring in 2041, leaving 16 years unexpired. This ground-floor convenience store unit has been trading since 1990 and extends to 291sq m (3,138sq ft). The property is guiding at a price of €950,000, which equates to a net initial yield of 7.5 per cent.
Cathal Kelly of BDM Property says: “These three assets offer investors a strong combination of long leases, secure tenants and prime Dublin locations. With lot sizes ranging from under €1 million up to €2.6 million, they are likely to be of interest to a broad range of private investors.”
