One of the most interesting investments to come on the market in Dublin this year, a retail portfolio on Crown Alley - the principal street in Temple Bar - is expected to make in excess of £5 million. It is being sold by private treaty through Gunne Commercial and T. P. Campion Auctioneers. The six retail properties at 1b/4 Crown Alley are currently producing £240,000 per annum, a figure that is likely to increase to more than £360,000 when the rent is reviewed shortly. More than half of the income comes from Eamonn Doran's bar, night club and restaurant.
Other tenants include DV8 and Damascus. Ronan Webster of Gunne says potential buyers will also be able to avail of £430,000 of capital allowances with the buildings.
As this expenditure was incurred before the most recent Finance Acts, these allowances can be offset against all income. While Gunne was reluctant to quote a guideline price, the recent sale of the retail element of Crampton buildings in the same area for an initial yield of just under 5 per cent would suggest that a price of in excess of £5 million may well be obtained for the investment at Crown Alley.
