Pembroke Street building for €2m

With Irish investors back in the market for well-located properties, agent CBRE should have little difficulty in finding a buyer for two shops and overhead offices in a modern building at 27-29 Lower Pembroke Street in Dublin 2.

The agency is quoting €2 million for the mixed-use building which is producing a rental income of €141,000 per annum.

At that valuation the capital value of the building works out at €3,293 per sq m (€306 per sq ft) while the net yield will be 6.74 per cent.

The four-storey over basement building with an overall floor area of 606sq m (6,520sq ft) has two retail units at ground and basement levels and open-plan offices overhead.

There are two car parking spaces with the property accessed from Pembroke Lane. One of the shops is let to men's fashion retailer Louis Copeland on a 35-year lease from 1991 at an annual rent of €45,000 per annum.

The adjoining retail unit is let to Coffee Angel on a 15-year lease from 2013 at a rent of €21,000 which is due to rise to €25,000. The office accommodation on the first and second floors is let to two tenants and producing an annual income of €75,000.

One of the floors was recently let to Kinetic Partners on a 10-year lease at €355 per sq m (€33 per sq ft). The third floor is vacant.

The building is in south Dublin’s Georgian quarter close to Lower Baggot Street and Fitzwilliam Square.