€510,000 for retail investment

149/150 Parnell Street: Paddy Power pays ¤40,000 in rent

149/150 Parnell Street: Paddy Power pays ¤40,000 in rent

 

Lisney is seeking in the region of €510,000 for a retail investment at 149/150 Parnell Street, Dublin 1, which will show a net initial yield of 7.5 per cent.

Leading bookmaker Paddy Power is paying an annual rent of €40,000 for the ground floor under a lease that runs until 2028 without any break options.

The upper floor of the two-storey building is vacant and is ideal for either office use or as an apartment. The overall floor area of the building is 155sq m (1,668sq ft). Duncan Lyster of Lisney, who is handling the private treaty sale, describes the property as a “tidy city centre retail investment” with obvious potential to add more value by upgrading the first floor level.