Commercial Property

Restaurant across from Dublin Castle for sale for €725,000

Also: Dental surgery in Dublin 4, Boots in Cork, Ringsend residential scheme, new to the GVA team

Chez Max, 1 Palace Street, Dublin

Wed Feb 21 2018 - 06:15

A French-style bistro at one of the entrances to Dublin Castle is to be offered for sale as an investment through Savills.

Stephen McCarthy of the agency is guiding €725,000 for the Chez Max restaurant at 1 Palace Street, directly across the road from the Olympia Theatre on Dame Street. The purchase will show a net return of 4½ per cent.

The sale covers the ground floor and a terrace to the rear extending to 51sq m (549sq ft), along with a basement kitchen with a further 34sq m (366sq ft).

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Fergal Burke (left) of GVA Donal O Buachalla with Tracy Horan and Mark Synnott.

Whoever buys the facility can bank on a passing rent of €35,000 subject to five yearly reviews over a period of 25 years from 1999.

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D4 Victorian home to dental surgery for €1.2m

A small Victorian house used for a dental practice at 11 Bath Avenue in Dublin 4 goes on the market today for €1.2 million through agents Lambert Smith Hampton. Currently let at €85,000 per annum and with five yearly rent reviews linked to the Consumer Price Index, the investment will show an initial return of 6.53 per cent.

The high-end business premises trades as MyDental alongside a similar venture in Cherrywood. The Bath Avenue building is well located, with Aviva Stadium as a backdrop and convenient to Haddington Road, South Lotts Road and Bath Avenue. The building underwent substantial refurbishment in recent years and now extends across two levels to the rear, accessed by a bright central atrium. There is also an outdoor deck to the rear.

Duke Street corner retail for rent for €170,000

Lisney is seeking a suitable tenant for a high-profile corner retail building at 20 Duke Street, Dublin 2, which is available to rent at €170,000 per annum.

Emma Coffey of the agency said the new trader benefit from the close proximity to Grafton Street and that the premises will be visible from Duke Street, Duke Lane and Dawson Street, as well as Grafton Street.

The three-storey, over-basement building has 40.8sq m (440sq ft) at street level and an overall floor area of 170.6sq m (1,836sq ft).Other key brands on the street include Nespresso, Dr Martens and M&S. The building has a large billboard on the gable wall for the tenant to mount advertisements.

Cork retail currently let to Boots for €5.75m

Agent GVA Donal O Buachalla is guiding €5.75 million for a retail building leased to Boots at Patrick Street, Cork, which will show a return of 8.65 per cent.

Boots has been renting the three-storey building under a 35-year lease from 1987 with four years and seven months still to run. Boots pays €540,000 per annum under a five yearly upwards only rent review.

The 437sq m (4,703sq ft) building has retail use on the ground floor. The two upper floors are fitted out as a restaurant with a separate access from Patrick Street.

Ranelagh roastrery next to Luas for €425,000

Lambert Smith Hampton is inviting offers in the region of €425,000 for a coffee roastrery and coffee bar next door to the Luas Station at 3 Ranelagh, Dublin 6.

The 37sq m (398sq ft) premises was purchased as a builder’s lot in 2015 for €211,000. It is now let on a 15-year lease to Two Fifty Square Coffee at €30,000 per annum, producing a return of 6.50 per cent.

Nigel Kingston of the selling agent said that with a shortage of good investments at this price point, the coffee bar was sure to generate interest from a variety of investors seeking a quality product in a quality location.

GVA welcomes two new team members

Mark Synnotthas joined GVA Donal O Buachalla as director from JLL, bringing 18 years of commercial valuations experience advising pension funds, developers and institutions. He will also focus on further developing GVA’s commercial valuations business and carrying out due diligence on large investment deals.

Tracy Horan, meanwhile, has joined GVA’s Compulsory Purchase Advisory team from CIÉ and will work as a senior surveyor advising clients on land acquisition and compensation for major infrastructural projects across the country.

Bray distribution facility for €1.75m

Harrington & Co is seeking offers in the region of €1.75 million for a well-let office and high bay warehouse/distribution property, Radius House, at Ballywaltrim Business Park, Southern Cross in Bray , Co Wicklow.

The entire property is let to Radius Communications Ireland on a 25-year lease from 2006 at an annual rent of €250,000. The lease provides for a break option in 2021 subject to 12 months’ notice. The investment will show a return of 13 per cent.

Radium Communications operates a distribution platform and is the Irish subsidiary of the Facey Group, one of the largest distribution companies in the Caribbean and Central America.

Ringsend residential scheme for €800,000

Bennett Auctioneers is quoting €800,000 for a redevelopment opportunity for a residential scheme at Cambridge Road in Ringsend, Dublin 4.

Cambridge House operates as a two-storey creche on the site, which extends to 0.1435 of an acre and includes 12 storage units. The business produces a rental income €50,000 per annum. The creche can lease its premises until 2021.

Marc McGrath of Bennetts said he expects a high level of interest from residential developers wanting to maximise the full potential of the Ringsend site.

Investment at Dolphin’s Barn for €1.8m

Joint agents Knight Frank and Lisney are guiding in excess of €1.8 million for a Spar convenience store investment at The Ice Rink at Dolphin’s Barn in Dublin 8, which will show an initial return of 8.2 per cent.

The Ice Rink development, which dates from 2006, is a mixture of residential, office and retail accommodation. The ground floor Spar unit extends to 510sq m (5,490sq ft) and is let for a term of 25 years from 2006 at an annual rent of €160,000.

The Ice Rink is close to both the Coomb and St James hospitals.The Spar lease is guaranteed by BWG Food Unlimited Company. Internally the tenant has divided the unit to provide a variety of concessions to include Insomnia, Subway and the local Post office.