Second Wallace portfolio in Italian Quarter on market

Another part of the property portfolio owned by M&J Wallace, the development company controlled Independent TD Mick Wallace, at the Italian Quarter on Ormond Quay in Dublin 1 is to be offered for sale at a fraction of its original value.

Agents Hooke & MacDonald are seeking €875,000 for the Wine Bar Restaurant, an adjoining café and two office units which are currently producing rents of €62,000 per annum.

The sale includes a double fronted ground floor premises with an overall floor area of 81.8sq m (880sq ft) incorporating an Italian wine bar and restaurant trading as Enoteca Delle Langhe.

The business is run by the Wallace Winebar Group and has traded successfully since 2003. The tenants pay a rent of €36,000 for the premises which has a good sized external seating area.

The same Wallace company pays a rent of €16,000 for a small café and coffee shop known as Caffe Caglistro directly opposite the wine bar. The café occupies a corner position in the courtyard and has a considerable seating area along the passageway.

The sale includes two office units on the second floor which are accessed directly from Ormond Quay.

The first of these overlooking the city quays extends to over 91sq m (979sq ft) and includes a large open-plan and a fully fitted kitchen and bathroom. Hooke & MacDonald is hoping to rent the unit at €20,000 per annum.

The second office unit has a floor area of over 44sq m (473sq ft) and is rented on a short lease by independent fashion wholesaler Savage Streetwear at €10,000 per annum.

Enda Moore of Hooke and MacDonald said that based on a selling price of €875,000, the overall investment will show a return of 9 per cent as soon as a tenant is found for the vacant office unit.

The sale is being carried out on the instructions of McInerney & Saunders Accountants who were appointed receivers to the M&J Wallace development company.

Last month Knight Frank also announced the pending sale of another restaurant investment in the same Latin enclave –the Taverna di Baxcco at an asking price of €750,000.

The Wallace-run Enoteca Torino restaurant in Inchicore is also on the market at €240,000.