Cinnamon building in Dublin 6 goes on market for €3m
Ranelagh property includes the well-known restaurant and three floors of offices
83-87 Main Street, Ranelagh: produces a rent roll of €163,500
A mixed-use investment housing well-known restaurant Cinnamon on Main Street in Ranelagh, Dublin 6, is guiding more than €3 million through agent DTZ Sherry FitzGerald.
It is being sold on the instructions of receiver Declan Taite of Duff & Phelps.
The property, at 83-87 Main Street, is producing a rent roll of €163,500 but has a vacancy rate of 42 per cent, so there is obvious potential to increase its income return.
The high-profile four-storey building includes a large yard with secure parking for 10 cars, while the restaurant at ground-floor level comes with full planning permission for restaurant, deli, retail and wine bar use. This ground-floor restaurant unit extends to 271sq m (2,916sq ft).
Upstairs, there are three floors of offices with similar floor plates of between 142sq m and 198sq m (1,529sq ft to 2,135sq ft). These are accessed through their own dedicated entrance while the fit-out is to modern specifications with raised accessed floors, suspended ceilings, LED lighting, air conditioning and partial Cat 5e Cabling.
Cinnamon opened its cafe, food hall and wine bar in Ranelagh in 2011 and 61 per cent of the current rent roll is secured against it.
Jane Dolan, investment surveyor at DTZ Sherry FitzGerald, says if the property sells for its guide price and allowing for standard purchaser costs of 4.46 per cent, an investor would secure a net initial yield of 5.21 per cent on the property.