A four-storey-over-basement commercial building with dual frontage on to South William Street and Drury Street in Dublin's south inner city has been bought by a private investor for €5.5 million – €250,000 below the price sought by West Register, the Ulster Bank's property division.
The multi-tenanted building which houses the Zaragoza Restaurant on South William Street is located in one of the busiest parts of the city and is producing an income of €278,000 per annum. This is due to rise to €367,000 by 2017
Originally used as a fashion outlet when the “rag trade” was based in the area, the building has an overall floor area of 1,445sq m (15,553sq ft) including 464sq m (5,000sq ft) on the ground floor. Much of this area is let to Zaragoza on a 20-year lease from 2012 at a rent of €160,000 which is due to rise to €200,000 later this year.
Break options
The first floor is rented by
Cooks Academy
, a cookery school, at €70,000 per annum. Zaragoza has a break option in 2017 and Cooks has one in 2016.
The second and third floors are in office use, occupied by a company named Muzu on a rolling 12 months licence for 10 years from 2011. Further rental income of €24,000 has been agreed for a vacant retail unit at 47 Drury Street. There is also scope to let eight vacant car parking spaces.
Nick Coveney of Colliers International handled the sale while Peter Flanagan of BNP Paribas advised the purchaser.
