CityCentreInvestments: The recent decision by the Campbell Bewley Group to sell Bewleys at Westmoreland Street, Dublin 2, has prompted a neighbouring owner to offer a retail building for sale.
DTZ Sherry FitzGerald is quoting a guide price of €4.8 million for the four-storey over basement building which was recently vacated by 02. Anyone bidding for Bewleys will obviously be interested in 15 Westmoreland Street which is producing a rent of €122,500 under a 35-year lease from 1988.
02 is currently seeking €100,000 for the lease which has another 17 years to run. The building has a floor area of 301.56sq m (3,246sq ft), including a floor area of 76.64sq m (825sq ft) at street level. At a guide price of €4.8 million, the investment would produce a net initial yield of 2.3 per cent. The reversionary yield should work out at 3.44 per cent based on an estimated rental value of €183,700.
Meanwhile, CB Richard Ellis is reporting good interest in Bewleys, which includes the famous café as well as two adjoining bars and a 71-bedroom hotel around the corner on Fleet Street.
The former Bewleys cafés at Westmoreland Street and Grafton Street were closed two years ago. The Grafton Street premises has since reopened under a new management arrangement.
CB Richard Ellis is expecting to secure over €25 million for the entire complex.
