A price tag of around €9 million has been placed for a large redevelopment site on Merrion Row in Dublin.
The site, which is located close to The Shelbourne hotel, encompasses four buildings including the well-known Unicorn restaurant. The combined rental income of the four properties is €433,000, with three of their leases due to expire next year and the fourth extending to 2020.
Investment syndicate Ruby Point reportedly paid approximately €3.5 million in 2014 for the Unicorn restaurant and adjoining retail premises, which are currently occupied by British building society Nationwide for a yearly fee of €58,000.
The Unicorn itself is rented to Advance Point Ltd. for a cost of €185,000 per annum, while the former restaurant's coffee shop has most recently been leased to Marcel's bar for an annual cost of €150,000.
