One of Dublin’s best known French restaurants – the former Les frères Jacques, now known as Jules – beside the Olympia Theatre, is to be sold as an investment and will continue to be run by the same family.

Jean Jacques Caillabet, who has run the business for the past 28 years, has been joined by his son Jules who was involved in the Australian food industry up to last year. The two businessmen are preparing to take a 25-year lease of the restaurant with a 10-year break option at an initial rent of €55,000 per annum. A further €42,000 in rental income from six studio apartments on the upper floors will be diverted to the successful investor, giving him a return of almost 8 per cent on the €1.2 million asking price being quoted by agent Lambert Smith Hampton. The building has 317.47sq m (3,412sq ft) with restaurant seating on ground and mezzanine level and residential accommodation on the three upper floors.