Listed property on Upper Baggot Street for €1.9m

This mixed-use investment may have potential for further development

 

A fully-let mixed-use investment at 50 Upper Baggot Street in Dublin 4 is new to the market this week, guiding €1.9 million through Cushman & Wakefield.

The listed property is producing a rent roll of €127,000, which would reflect a net initial yield of 6 per cent given the quoted price.

Millers Pizza Kitchen occupies the ground floor of 73.43sq m (790sq ft) on a 25-year lease from January 2010 at a rent of €55,000 per annum. It has been operating from the premises since 1991.

The upper floors, with separate access, contain three apartments, which are let to one occupier on a 12-month lease at a rent of €72,000 a year.

The redbrick mid-terrace building extends to 244.44sq m (2,631sq ft). The agent suggests there might be, subject to planning permission, potential for development to the rear, as both adjoining properties extend out over a couple of levels.

This part of Upper Baggot Street has become a hub for food and beverage operators. Nearby occupiers include Searsons pub, Tesco, AIB and Eddie Rockets.