Mary Street retail and apartment building for €7.75m

Agents CBRE expect competitive bidding for a mixed-use retail and apartment building at 51-52 Mary Street, Dublin 1, which is likely to appeal to a range of Irish and overseas investors.

Willie Norse of CBRE is guiding €7.75 million for the modern block at the junction of Mary Street and Wolfe Tone Street which is bringing in a rent roll of €418,200. The investment will show a return of 5.17 per cent.

The ground floor of the four-storey building is let to Nando’s restaurant under a 15-year lease from 2011 at a current rent of €105,000. A rent review for the 219sq m (2,357s q ft) facility is overdue from last June and, according to the selling agent, “there is potential for a further increase.”

The upper floors hold 17 refurbished apartments, 10 of them one beds, 6 two beds and one two bed duplex unit. All the apartments are let to Roomyield Hospitality for a term of four years and nine months from September 2016, at a rent of €313,200. The same company operates a number of similar residential blocks in the city centre.

The building is close to both Jervis and Ilac shopping centres and directly opposite the popular Church Bar and Restaurant.

Willie Norse said he expected the mixed use investment to appeal to a range of buyers including private investors, specialist funds and even institutions, given the location and quality of both the restaurant and the residential units.