Dame Street investment at €1.3m offers buyer 6.93% net initial yield
Investors looking to secure a combination of stable income and ownership of a well-located property in
Dublin
city centre may be interested in the sale of 66 Dame Street. Located at the western edge of the city's Temple Bar area and just 40m from the Olympia Theatre, the subject property, which is fully let, is being offered to the market by agent Sherry FitzGerald Commercial at a guide price of €1.3 million.
Number 66 briefly comprises a four-storey over-basement mid-terrace building extending to a net internal area of 289sq m (3,103sq ft). The property is laid out with a ground-floor restaurant with ancillary accommodation at basement level, along with three upper floors of office accommodation.
The building is fully let and is producing a total passing rent of €99,000 a year. The ground and basement floors are occupied by Abrakebabra Ltd on a 20-year lease from October 2015 at a rent of €55,000 per annum. Abrakebabra carried out a full fit-out of the ground and basement floors including kitchen, food-preparation areas and customer seating. The office accommodation at first, second, and third-floor levels is let to Hamilton Turner Solicitors, who have been in occupation since 1998, on a 35-year lease producing €44,000 per annum.
Dame Street is one of Dublin city's main thoroughfares. It links several of the city's most popular visitor attractions including Trinity College Dublin Castle, Christ Church Cathedral and the Guinness Storehouse. The area is well connected by public transport. Numerous Dublin Bus routes, the Luas green and red lines and Tara Street Dart station all are all within walking distance of the subject property.
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Should a sale of number 66 Dame Street proceed at the €1.3 million guide price, the new owner would be in line for a blended net initial yield of 6.93 per cent, assuming standard acquisition/purchaser's costs of 9.96 per cent. The property's tenants will not be affected by the sale.
Elizabeth O'Hara of Sherry FitzGerald Commercial says: 'We expect strong interest levels from private investors particularly those seeking well-located city-centre opportunities suitable for pension or long-term holdings with asset-management potential.'
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