Investment: Another attractive investment property has come on the market in Dublin's Dawson Street. Lisney is guiding over €2.5 million for 53 Dawson Street, a four-storey over basement retail and office building which is currently producing €90,000 per annum. It goes to auction on October 5th.

Lena Clarke of Lisney describes the building as "a little gem of an investment" that will be much sought-after. Earlier this year, the agency also handled the sale of the building next door - let to Ebookers and the Portuguese Tourist Board - which made €4.5 million, representing an initial yield of 2.23 per cent. That return will improve once a rent review is completed and a tenant is found for a vacant floor. As things stand, the building is producing €124,000.

Number 53 has a floor area of 307sq m (3,305sq ft) and is let to Tipperary Crystal under a lease which has another 11 years to run. There have been a number of sub-lettings, including The Pregnancy Stores on the ground floor, Hall Recruitment at first floor and Fresh Design on the third level. Lisney estimates that when the overall lease is reviewed next year the rent will go to about €120,000 per annum.

The guide price of over €2.5 million would show an initial yield of 3.23 per cent, net of costs, rising to 4.25 per cent when the review takes place next September. Ms Clarke says number 53 will appeal to a wide range of investors having regard to the limited availability of prime investment stock on the market. "Dawson Street is a great location being so close to Grafton Street and there are also a number of exciting developments under way that will positively affect the street in the longer term."