Private investors looking for an attractive return on their money from an investment in a strong location are expected to the run the rule over the sale of number 20 Upper Baggot Street in Dublin 4.
Located immediately adjacent to the former Baggot Street Hospital and next to a strong line-up of retail and restaurant occupiers including Tesco, Boots, John Taylor Menswear, Searsons, Bunsen and Saba, the subject property, which is let primarily to Mexican-style restaurant Tula and generating total rental income of €116,400, is being offered to the market by agent Colliers at a guide price of €1.5 million.
The entire building comprises a total net internal area of 281sq m (3,025sq ft) distributed over four floors. The ground floor is let under a 10-year lease to the owner/operator of Tula from February 2023 and is subject to a reserved rent of €72,500 per annum. The upper floor offices are all let on a number of short-term leases and are generating an income of about €43,900 per annum.
Should a sale proceed at the guide price, the prospective purchaser would be in line for a net initial yield of 7.05 per cent after deducting the usual purchase costs of 9.96 per cent.
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Nigel Kingston, who is handling the sale on behalf of Colliers, says: “This is an excellent opportunity to acquire an easily managed commercial investment which will be particularly attractive to the private investor.”
