€1.8m for Ranelagh restaurant

The Tribeca Restaurant, which has been trading successfully in the centre of Ranelagh, Dublin 6, for the past 14 years is to be sold as an investment through agent CBRE.

The agency is quoting in the region of €1.8 million for the two-storey building extending to 179sq m (1,932sq ft) which includes the 111-seat New York-style Tribeca restaurant on the ground floor.

There is a wine bar at first floor level along with a bar and other facilities.

65 Ranelagh Road is let to the restaurant at a rent of €156,000 under a 25-year lease from 2001 with about 10 years remaining on the lease. The investment will show a net return of 8.3 per cent. CBRE said they were expecting considerable interest in the investment because of the popularity of the Tribeca business and the sharp pick up in the food and beverage sectors.