Mick Wallace restaurants for under €1m

Two

well-known Italian restaurants of Independent TD Mick Wallace are on the market through Knight Frank for less than €1 million.

The agents are guiding €750,000 for the high-profile Taverna di Bacco restaurant on Lower Ormond Quay and €240,000 Enoteca Torino restaurant in Inchicore.

Established in 2005, Taverna di Bacco is the flagship operation for the Italian specialty wine and food establishments created by Mr Wallace, of which there are five in Ireland. Enoteca Torino is among them.

The Taverna di Bacco is a tenanted property and represents “an excellent opportunity” to acquire an income generating asset at market rent, according to Knight Frank.

The entire property is let to Wallace Calcio Ltd at a rent of €75,000 per annum on a 10- year lease, which started last September. This gives an unexpired term of approximately 9.55 years. There is a rent review at the fifth year based on open market review.

The property comprises about 177sq m (1,905sq ft) of restaurant accommodation and 88sq m (947sq ft) of storage space in the basement, giving a total gross area of 247sq m (2,659sq ft).

The Enoteca Torino restaurant extends to approximately 119sq m (1,281sq ft) and is fully fitted with customer toilets, wall-mounted air-conditioning units, tiled floors and slab ceiling with recessed lighting.

A large adjacent vacant unit with approximately 228sq m (2,454sq ft) of space for commercial use is also on the market. The two units form the ground floor of James Plunkett House, a development of 15 apartments, two ground-floor commercial units together with 12 underground car spaces.

The agents are guiding €240,000 for Enoteca Torino restaurant, representing a net initial yield of approximately 10 per cent, and €150,000 for an adjoining vacant unit. The property is available in one or two lots.

The rent is €25,000 per annum running for 10 years from September 2013, giving an unexpired lease term of approximately 9.55 years.

There is a rent review at the end of the fifth year based on open market review.

The large adjacent vacant unit offers the potential for active asset-management opportunities such as sub-division, letting or owner occupation.

It occupies a high-profile location on a busy thoroughfare in Inchicore with a high volume of passing traffic.