Businessman pays £1m-plus for Temple Bar retail units
A DUBLIN businessman has paid marginally over £1 million for five retail units in Dublin's Temple Bar area in a deal which will provide him with a valuable tax shelter and a yield of 7.25 per cent.
The five units are located on Temple Bar Square, the busiest part of the area. Temple Bar Properties received almost a dozen tenders for the investments, half of them for individual lots and the remainder for the entire portfolio. The new owner will be entitled to claim capital allowances equating to 43 per cent of the value of the properties.
The largest retail unit in the package is the Trasteverre restaurant with 1,583 square feet, which is rented at £45,000 per annum. The other units are The Hat Shop (118 square feet) which is rented at £15,000 per annum; Etnika jewellery shop (118 square feet) at £10,000; a snack bar (123 square feet) at £10,000 and a second floor unit of 389 square feet, which is rented by The Bad Ass Cafe at £4,000.
Robert McCarthy of Douglas Newman Good handled the sales.