D2 retail/office building sells for €650,000 above the guide

A private investor has bought a modern retail and office investment at 27/29 Pembroke Street, Dublin 2, for €2,650,000 – €650,000 above the guide price quoted by CBRE. The investment will show a yield of 5.10 per cent.

The four-storey over- basement building includes two retail units at ground floor occupied by Louis Copeland’s Menswear and Coffee Angel.

Copeland also rents the basement as storage.

The upper floors, used as offices and serviced by a passenger lift, are all let with the exception of the third floor.

Copeland pays a rent of €45,000 per annum while the coffee shop is rented at €21,000.

CBRE says the investment attracted “competitive bidding” among a large number of Irish investors.