HAMILTON Osborne King is seeking about £525,000 for a retail and office investment at 15 Westmoreland Street, Dublin 2, which is occupied by Stena Line. The five-storey over basement premises are rented at £44,000 per annum with the next rent review due in May, 1998. A price of £525,000 would produce a yield of 7.73 per cent.
The building, which has a total of 3,300 square feet, is let on a 35-year full repairing and insuring lease with no break clauses. The lease does not expire for another 27 years.
Stena has a turnover in excess of £400 million sterling and is the main ferry company operating out of this country.
The same agents are quoting a guideline price of £90,000 for a range of buildings which require redevelopment at Amiens Street, Dublin l. The complex includes two single-storey shops, an adjoining three-storey building and a single storey shop and yard at the rear fronting on to Killarney Street. The site covers an area of 2,820 square feet and two of the shops are let at almost £5,000 per annum. Because the shops are located in a designated area, 50 per cent capital allowances are available on redevelopment expenditure, provided the work is completed before July 31st, 1997.
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