A round-up of today's other stories in brief
Receivers put prime restaurant on the market for €925,000
CBRE is expecting particularly strong interest in a prime Dublin restaurant investment which is to be sold by private treaty.
Natalie Brennan of the agency is quoting €925,000 for the Exchequer Street building occupied by the Green Hen restaurant.
The investment will show an initial return of 8.7 per cent.
The retail building, one of the most attractive on the street, is being sold on the instructions of Michael Cotter and Luke Charleton of Ernst Young who were appointed joint statutory receivers by AIB.
The tenant Batsford Ltd is currently paying a rent of €84,000 per annum on a 35-year lease from 1991 – leaving 13 years remaining on the lease.
The four-storey over basement building has an overall floor area of 223sq m (2,400sq ft) including a 65-seater restaurant on the ground and first floors.
The kitchen is at basement level as well as toilets. The first floor also has separate toilets and bar.
Tesco Express makes €900,000
Two private investors have bought the Tesco Express retail building at Upper Rathmines Road, Dublin 6, for close to €900,000. Tesco is paying a rent of €65,000 per annum for the lease of the 350sq m (3,767sq ft) building which has another nine years to run.
James Dunphy of McNally Handy Partners handled the sale for a receiver while Declan Bagnall of Bagnall Associates acted for the purchasers who are now looking for similar style investment properties.
Cafe sells for €470,000
Brick Alley Café at East Essex Street in Temple Bar, Dublin 2, has been sold to an investor for €470,000, representing an initial yield of 7.3 per cent. The ground floor retail unit of 56sq m (602sq ft) is let to an established tenant at a rent of €36,000 per annum. The lease has 17 years to run.
The property attracted a large number of bidders with the final price exceeding initial expectations. Lisney’s Christopher Belton said interest was mainly from cash-rich investors.
€75,000 rent for corner shop
A prominent corner retail unit adjacent to the Superquinn and Sutton Cross shopping centre in Sutton, north Dublin has come on the letting market through CBRE.
Niamh Sheehan of that agency is seeking a rent in the region of €75,000 for the ground floor retail unit which extends to 226sq m (2,433sq ft) and was previously occupied by Irish Permanent Building Society. Adjoining tenants include Xtra-vision and Bank of Ireland.
€250,000 for investment
Michele McGarry of Colliers International is seeking €250,000 for a two/three-storey retail and apartment building at 382 South Circular Road, D8, which is being sold on behalf of receiver Carl Dillon of Moore Stephens Nathans. The vacant ground floor retail unit would suit a florist, café, convenience store or baby shop. The building has 222sq m (2,389sq ft) and includes two apartments.