Investments: With retail investment opportunities in particularly short supply in Dublin city centre, those coming on the market are invariably in huge demand even at low yields.
A retail investment going for sale today in Ballsbridge will be no exception because of its good covenants and high-profile location opposite the American Embassy.
Agent Owens Commercial is seeking €4.25 million for 174 Pembroke Road, a two-storey mid-terrace building with attic extension which is let to two restaurants and is producing a combined rent of €150,000 per annum.
The initial return will be a little over 3.25 per cent but, according to Phillip Owens of the selling agent, there is likely to be a strong uplift in rents because of the vast new developments planned for adjoining sites, such as the former Jurys Doyle hotels.
Chandni Indian Restaurant has occupied the ground floor for over 10 years under a modern 20-year lease. The rent is €100,000 per annum.
The restaurant extends to 64.6sq m (695sq ft) while the kitchen has a floor area of 24sq m (258sq ft). Upstairs, the Da Rocco Italian restaurant is paying a rent of €50,000 a year under a 25-year lease from November 2003.
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