€2m for D4 mixed-use investment

GVA Donal O Buachalla is seeking €2 million for a mixed-use investment on a busy stretch of Mespil Road in Dublin 4.

The investment, located close to Baggot Street Bridge, includes two restaurants at ground floor and basement level, with five one- bedroom apartments overhead, producing a total of €142,500. The portfolio will show a net initial yield of 6.8 per cent based on the current rents.

Number 71 is let to Al Vesuvio on a three-year lease from the end of 2012, at a rent of €35,000 per annum. Number 73 is occupied by Keskh on a three-year lease expiring in November. A new 10-year lease is due to start then at a rent of €62,500. The five apartments are generating €45,000 per annum.

Given the prime location and the volume of private equity chasing well-let investments, Lisa McInerney of GVA, said she expects exceptional interest in the property, particularly from investors hoping to benefit from the current Capital Gains Tax incentive, which expires at the end of the year.