Ely Wine Bar building sells for near €1.8m guide price
Private investor will get yield of 6.75% on rent of €127,000
Ely Wine Bar: occupying the ground floor and basement at 22 Ely Place on a rent of €82,000
A private investor has bought the building which houses Ely Wine Bar and restaurant at 22 Ely Place, off Merrion Row, Dublin 2, for a figure close to the €1.8 million guide price.
The four-storey over basement building is producing rental income of €127,000, equating to a yield of about 6.75 per cent.
The Georgian building extends to 455sq m (4,900sq ft) with the Ely Wine Bar occupying the ground floor and basement at a rent of €82,000 – about 65 per cent of the income.
The wine bar has been based there since 1999 and has seven years remaining on the lease. The ground floor can accommodate 30 diners as well as 50 bar guests while the basement has seating for a further 25 diners.
The office accommodation on the top three floors is let to Fitzpatrick Consulting, Gourmet Burger and Abacus Accounting. The last two companies recently moved into the building on leases which will run for four years and nine months.