€3.3m for Eddie Rocket's in city centre
Lease has nine years to run and will give new owner a return of 7%
The Eddie Rocket’s outlet on South Anne St in Dublin
With private investors increasingly focusing on retail opportunities in Dublin city centre, Lisney is expecting strong interest in a prominent food outlet along the pedestrianised section of South Anne Street.
Lena Clarke is seeking €3.3 million for the Eddie Rocket’s Fast Food Restaurant investment which is currently producing a net rent of €244,265 and will give a new owner a return of 7 per cent. The lease has another nine years to run.
The business is located in a popular retail and restaurant location where the adjoining occupiers include Gotham Café, the Gourmet Burger Kitchen, Smiles, Keogh’s pub and Timberland.
The Eddie Rocket’s building has an overall floor area of more than 396sq m (4,264 sq ft) of which almost 102sq m (1,097 sq ft) is on the ground floor.
The upper floors are separately accessed which has allowed the tenant to sub-let some of the space. Lisney, along with agents Bannon, recently secured €3.5 million for a retail investment at 6 Grafton Street which is producing a rent of €240,000.
The yield in that case was 6.5 per cent.