Georgian buildings trading as Yamamori guided at €2.85m
Ormond Quay investment consists of Japanese restaurant and eight residential units
38/39 Ormond Quay: interconnecting Georgian buildings’ total rent return amounts to €258,000 per annum
Two interconnecting Georgian buildings trading as the highly successful Yamamori restaurant at Ormond Quay in Dublin city centre are to be offered for sale through BNP Paribas Real Estate.
Peter Flanagan of the agency is guiding €2.85 million for 38/39 Ormond Quay which overlooks the river Liffey beside the Ha’penny Bridge.
The building has been extensively remodelled by the present owners and comprises a spacious restaurant at ground floor level including an open kitchen, bar, private dining room and courtyard with rear access from Great Strand Street.
The restaurant is let to Agenbite Ltd which operates the Milano restaurant chain and which is a wholly owned subsidiary of Pizza Express Ltd. The 25-year lease from 1998 is producing an annual rent of €150,000.
The lease includes upwards only rent reviews with the next review due at the end of 2018.
The restaurant is sub-let to Yamamori which also operates a sister Japanese restaurant on South Great George’s Street. The eight residential units are producing further rents of €108,000 under separate leases.