Parnell Street double investment for €800,000
Fully let retail units extend to 4,100sq ft and produce €71,440 rent per annum
No 187 Parnell Street, Dublin, rented to Cycleways
No 185 Parnell Street, Dublin, rented to XL Newsagents
Knight Frank is seeking €800,000 for a high-profile retail investment on Dublin’s Parnell Street, which will show an a net initial return of 8.2 per cent.
The property at 185-187 Parnell Street, Dublin 1, comprises two fully let retail units, located close to the new Dominick Street Luas stop, which produce a combined annual rent of €71,400.
They are located on the corner of Parnell and Dominick streets and extend to 380sq m (4,095sq ft) in a mixed-use development, with the retail units at street level. Overhead apartments are separately owned.
No 187 is rented by long-term tenant Cycleways, which occupies the ground floor unit as well as the basement and storage area. It recently agreed a new 35-year lease at €35,000 per annum, rising to €45,000 in 2020.
XL Newsagents occupy No 185 on the ground floor at a rent of €36,400. The 55sq m (600sq ft) unit which is fitted out as a convenience store.