€1.26m paid for Abbey Street building

An overseas private investor has paid around €1.26 million – and secured a yield of 7.6 per cent net of purchase costs –for an investment property at 41 Middle Abbey Street, Dublin 1.

The rent roll from the property’s four tenants is about €100,000 per annum. The tenants include Paddy Power, which occupies the ground floor and basement, while the three floors above are in offices.

Peter Browne of Browne Corrigan Chartered Surveyors acted for the purchaser.

The property is a four-storey over basement building with 340sq m (3,660sq ft). It was reconstructed in the 1950s and has a high- profile position at the corner of Middle Abbey Street and Liffey Street Lower.

Lower Liffey Street is the main thoroughfare from Mary Street/Henry Street, across the Ha’penny Bridge to Temple Bar.