Terenure Village investment at €775,000 offers 6.85% net initial yield

Well-located mixed-use property comes to the market fully let

Both the ground-floor unit and first-floor apartment at 81 Terenure Road North, Dublin 6W are let

Both the ground-floor unit and first-floor apartment at 81 Terenure Road North, Dublin 6W are let

 

Agent Cushman & Wakefield is seeking offers in excess of €775,000 for a mixed-use investment opportunity in Terenure village, Dublin 6W.

No 81 Terenure Road North is an end-of-terrace, mixed-use two-storey building comprising a fully refurbished restaurant at ground-floor level and a two -bed apartment on the first floor.

The ground floor was recently let to Damascus Gate restaurant on a 25-year lease from October 1st, 2018 paying €36,000 per annum. The tenant carried out a significant refurbishment of the unit prior to opening. This is Damascus Gate’s second venue along with their well-established restaurant on Camden Street which has been trading for over five years. The restaurant space at Terenure village extends to 147sq m (1,582 sq ft) with further storage space on the first floor.

The first-floor apartment is also let to Damascus Gate on a two-year lease from June 18th, 2018 paying a rent of €21,600 per annum. The apartment is accessed off Terenure Road North and comprises a modern, spacious two-bedroom unit extending to approximately 570sq ft.

Based on the guide price of €775,000, the purchaser can expect to secure a net initial yield of 6.85 per cent after standard purchaser’s costs.

Peter Love of Cushman & Wakefield says the property presents a “ secure opportunity for private investors”.