Parnell Street double investment for €800,000

Fully let retail units extend to 4,100sq ft and produce €71,440 rent per annum

No 187 Parnell Street, Dublin, rented to Cycleways
No 187 Parnell Street, Dublin, rented to Cycleways

Knight Frank is seeking €800,000 for a high-profile retail investment on Dublin’s Parnell Street, which will show an a net initial return of 8.2 per cent.

The property at 185-187 Parnell Street, Dublin 1, comprises two fully let retail units, located close to the new Dominick Street Luas stop, which produce a combined annual rent of €71,400.

They are located on the corner of Parnell and Dominick streets and extend to 380sq m (4,095sq ft) in a mixed-use development, with the retail units at street level. Overhead apartments are separately owned.

No 185 Parnell Street, Dublin, rented to XL Newsagents
No 185 Parnell Street, Dublin, rented to XL Newsagents

No 187 is rented by long-term tenant Cycleways, which occupies the ground floor unit as well as the basement and storage area. It recently agreed a new 35-year lease at €35,000 per annum, rising to €45,000 in 2020.

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XL Newsagents occupy No 185 on the ground floor at a rent of €36,400. The 55sq m (600sq ft) unit which is fitted out as a convenience store.