A Victorian building with a restaurant on the ground floor and offices overhead at 22 Upper Baggot Street, Dublin 2, has been sold for €2.2 million. The initial yield will work out at 4.62 per cent.
Stephen Conway, of Colliers International, said the agent was inundated with inquiries about the investment, which produces a rental income of €110,500.
The ground floor is let to Saba, the Thai and Vietnamese restaurant, on a 15-year lease from 2015 at an annual rent of €85,000. The lease provides for five yearly open market rent reviews and a break option in year 10.
The three upper floors are let to the Elmwood Centre, a counselling and psychotherapy organisation, on a four-year and nine-month lease from 2015 at a rent of €256,500, equating to €16 per sq ft.
The building has an overall floor area of 332sq m (3,580sq ft) and a capital value of €615 per sq ft.
