The soaring demand for retail investments in Dublin’s south inner city – partly attributed to the poor interest rates offered by the banks – has led to strong competition between bidders for two interconnecting restaurant buildings along Castle Market, a short pedestrianised street linking Drury Street and South William Street.
Turley Property Advisers originally guided €1,750,000 for the Jo’Burger retail premises but, with several wealthy businessmen bidding for it, it was knocked down to an unidentified purchaser at more than €2 million.
With Jo’Burger currently paying a rent of €120,000 per annum, the new owner will get a net yield of 5.97 per cent on the purchase.
The sale price underlines the broad appeal of the Castle Market area where a considerable number of new bars and restaurants have opened in recent years, including I'Gueuleton, Fade Street Social, Fallon & Byrne, Drury Building and Duck.
Jo’Burger has taken a 20-year lease of 4 and 5 Castle Market, which has a floor area of 1,858sq m (2,000sq ft) over three levels. Like the two other restaurants on the street, Jo’Burger has seating outside the restaurant.