€1.8m-plus for shop, guest-house on George's Street

Investments: An interesting investment opportunity will arise shortly at South Great George's Street in Dublin 2 when a guest-house and a shop go for sale by private treaty.

Michael Clarke of Hamilton Osborne King is seeking offers over €1.8 million for the property, which forms part of the South City Markets, Dublin's first purpose-built shopping centre.

The four-storey over basement Victorian building comprises the shop at number 26 and the upper floors of number 27.

The David Marshall hairdressing business at street level is owned separately.

The facilities going for sale have a combined floor area of 538.7 sq m (5,798 sq ft).

The shop at number 26 trades as Living Quarters and is let under a long lease at a rent of €47,500 per annum.

This rent was set in 2001 and is highly reversionary, according to the selling agent.

The shop has 106 sq m (1,140 sq ft) at street level and a further 66 sq m (710 sq ft) in the basement.

The guest-house on the upper floors includes 16 en suite bedrooms, a reception area, kitchen, guest sittingroom and diningroom with seating for 26 people.

There is also a separate manager's apartment on the top floor.

The agents say the guest-house, which is in walk-in condition, is being sold with vacant possession.

Michael Clarke says the building is an instantly recognisable part of the street because of the beautiful Gothic turrets at roof level.

The South Great George's Street location has been greatly enhanced by the reopening of Dunnes Stores a few doors away and also by the opening of a range of new bars and ethnic restaurants, including the Market Bar around the corner in Fade Street.

The street is also likely to be given a further boost with the building of a new headquarters and shopping facilities for Dunnes Stores on the opposite side of the street.

There are also plans to provide a new pedestrian link from the street into Dublin Castle.

The 50 individual properties which comprise the historic South City Markets were sold in various lots in 1993 after the owners failed to find a single buyer for the island complex.