Commercial real estate services and investment firm CBRE is guiding a price of €2.5 million for a restaurant investment opportunity at 33-34 Essex Street in Dublin city centre.
According to The Irish Times, in May of this year, the two-storey-above-basement restaurant space was let on a 15-year lease that produces an income of €160,000 per annum, which equates to a 5.9% net initial yield at quoting price, after purchaser's costs.
"Superbly Located"
The Irish Times quotes CBRE retail division director Bernadine Hogan as saying, "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."
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.
