£250,000 Ballsbridge kiosk is a `trophy investment'

Dublin's most expensive piece of real estate, The Kiosk, opposite Jury's Hotel at Pembroke Road in Ballsbridge, Dublin 4, is expected to make in excess of £250,000 when it is sold at auction on June 24th by Gunne. The 48 sq ft kiosk is let to O'Briens Sandwich Bar on a 25 year lease from 1996 at £16,500 per annum - the equivalent of £343 per sq ft. A price of £250,000 for the property would work out at £5,200 per sq ft - easily a record in the city - and a yield of 6 per cent. The kiosk investment is being sold on behalf of property developer, Phil Monahan who bought it during a previous property boom in 1989 for £132,000. Stefan Foster of Gunne describes the kiosk as a "trophy investment" which ensures considerable attention for O'Briens profile.