Building near Trinity with retail, apartments and Airbnb lets for €995,000

Number 3 Lombard Street East is close to Pearse Street Dart station

Number 3 Lombard Street East

Number 3 Lombard Street East

 

A mixed-use investment close to Pearse Street Dart station is quoting €995,000 through agent McNally Handy.

Number 3 Lombard Street East is divided into three two-bed apartments and two ground floor retail units.

Lunch, a restaurant/café, occupies one of the retail units on a 10-year lease from November 2016 at a rent of €15,250 per annum. Mailboxes Etc leases the other under a 10-year term from August 2016 at €10,000 per annum. Both tenants have been in place since May 2004.

A basement two-bed apartment is producing rent of €11,400 a year from a tenant with long-term tenancy rights. The other apartments, on the first and second floor, are used as AirBnb lets and rent for about €277 a night each.

This would give the 283sq m (3,042sq ft) building an estimated rent roll of €93,650 and, based on the guide price, the transaction would reflect a gross yield of 9.4 per cent.