Dublin city centre mixed-use investment for €1.1m

Fully occupied Parnell Street office and retail space earning rent of €92,000

 

An office and retail investment on Parnell Street in Dublin 1 is new to the investment market this week at €1.1 million through agent DNG Advisory. Should it sell at this level, this would represent a gross yield of 8.4 per cent.

Ashley House, which is fully occupied, is producing a rent roll of €92,000 which is due to increase to €100,000 per annum.

It is divided into three shops at ground floor level. These are occupied by specialist retailers whose tenancies are subject to standard fixed-term commercial lease agreements. These retail units offer a combined 186sq m (2,000sq ft) and produce rent of €55,000.

Overhead are three floors of offices extending to 297sq m (3,200sq ft), occupied by Dublin City Council’s local housing development office which has just renewed its lease for another four years and nine months. The council pays rent of €37,000.

Ashley House is in the heart of the city centre and is close to the Jervis and Ilac centres. The new cross city Luas line will run close by while the Maldron Hotel, Jury’s Inn, and the Gresham Hotel are a short walk away.