Mixed-use building in central Dublin fresh to market at €1m

A mixed-use building beside O’Connell Bridge in Dublin is fresh to the market this week at €1 million.

At that price, according to joint agents CBRE and Lisney, the investment at 1 and 2 Eden Quay in Dublin 1 would show a net initial yield of 8.13 per cent.

The building is five-storey over basement with 294sq m (3,164sq ft) of space. Its ground floor and basement are in retail use, and are let to Daily Direct News Ltd trading as Daybreak on a 25-year lease from 2006 at a rent of €50,000 per annum.

There is office accommodation on the first, second, and third floors – this is let under five short-term leases at a combined rent of €28,900 per annum – while the fourth floor houses a two-bedroom apartment let on a 12-month lease.

The property, which is fully let, is in good condition throughout and is producing a total rent roll of €84,900 per annum.

Eden Quay has a high level of pedestrian traffic and is close to the Dart, Luas and numerous bus routes.

The agents expect significant interest in this asset, especially as some 40 per cent of Irish investment spend in the first half of 2014 was on mixed-use buildings.