The Dublin-based Mercantile Group is to sell two properties from its extensive portfolio: The Bottom of The Hill pub and retail portfolio at Main Street in Finglas and the former Paidi Ogs bar in Mulhuddart which ceased trading in recent years.
The Frank Gleeson run Mercantile Group has one of the largest independently owned hospitality businesses in Ireland including Café en Seine, Whelans, Opium and The Mercantile. Its recent merger with Capital Bars is expected to lead to a rationalisation of the group's portfolio to allow for further acquisitions.
Conor Whelan of QRE is guiding €1,750,000 for The Bottom of the Hill, an extensive investment portfolio in the centre of Finglas village which produces a rental income of €179,600 a year.
The 1,003sq m (10,797sq ft) premises includes the licensed premises let on a short term agreement for €75,000 a year. Bookmaker Paddy Power is paying a rent of €35,000 for a ground floor retail unit; Marcolino's restaurant and takeaway rents a corner ground floor unit at €28,000 while most of the first floor is occupied by the Rose Garden Chinese restaurant at an abated rent of €41,600.
The overall investment will show a net initial yield of 9.82 per cent.
In Mulhuddart Paidi Ogs occupies a pivotal corner site of 0.40 of a hectare (one acre) at the junction of Blackstone Road and Church Road. QRE is guiding €875,000 for the property which is zoned for a variety of uses including residential, supermarket and health centre.
