Salamanca restaurant sells for over €2.8m

One of the best known tapas bars and restaurants in Dublin city centre, Salamanca, on Andrew Street, Dublin 2, has been sold to a private investor for slightly over the guide price of €2.8 million.

Declan Bagnall of agents Bagnall Doyle McMahon handled the sale of the four-storey over-basement building which benefits from natural light on the entire ground floor because of its return frontage along the grounds of St Andrew's Church. The building is held on a 25-year lease from 2014, with five-yearly rent reviews. The first review scheduled for March 2019 will be linked to the Consumer Price Index. Subsequent reviews will be determined by the open-market rent values. The current rent is €155,000.

Nigel Kingston of Lambert Smith Hampton advised the purchaser.