Temple Bar restaurant investment guiding at €2.5m
33-34 Essex Street East let in May 2019 on a 15-year lease for an annual rent of €160,000
33-34 Essex Street East sits in a pivotal position at the heart of Dublin’s Temple Bar district. Photograph: Gareth Byrne Photography
Agent CBRE is guiding a price of €2.5 million for a restaurant investment opportunity in Dublin’s thriving Temple Bar district.
Situated at the junction of Essex Street East and Sycamore Street, 33-34 Essex Street East enjoys a prime location immediately adjacent to Meeting House Square.
The subject property briefly comprises a net internal area of 166sq m (1,786sq ft) of space laid out over ground- and first-floor levels above basement. The building has recently been refurbished with its original Victorian features respectfully restored.
The restaurant was let in May 2019 on a 15-year lease producing an income of €160,000 per annum. This equates to a net initial yield of 5.9 per cent at the quoting price (after purchaser’s costs).
Other occupiers within the immediate vicinity of 33-34 Essex Street East include Bad Bob’s Bar and the IBAT College as well as the National Photographic Archive.
Bernadine Hogan, director at CBRE’s retail division, says: “This property is superbly located within Temple Bar with a very strong trading tenant in situ. The WAULT is just under 15 years and over time, there is perhaps the opportunity to extend into the basement to create income-chargeable space, which has already been granted planning permission. We expect to see very good interest from mainly private investors.”