€800,000 paid for mixed-use investment

An Australian family run fund has paid in excess of €800,000 for a retail and office investment at 9a Lower Abbey Street in Dublin 1.

Robert Corrigan of Browne Corrigan Chartered Surveyors acted for the purchasers who will get a return of 7.75 per cent on their investment.

O’Briens Sandwich Bar occupy the ground floor and basement while the upper floors are rented to several office tenants.

The overall rental income of €64,500 is expected to increase in future rent reviews and lease renewals.

The competitive bidding for the well located building was apparently prompted by the current Capital Gains Tax relief under which investors can claim tax exemption once the property is held for at least seven years.