The home of the popular Metro Cafe on Dublin’s South William Street has been acquired by a private Irish investor with its adjoining premises on Chatham Row for €2.35 million.

The property, at 43 South William Street and 1 Chatham Row, comprises a four-storey over-basement building of 282 sq m (3,041 sq ft) and is in a prime location just 300m from Grafton Street. Metro Cafe occupies the ground floor and basement of the subject property and pays a rent of €87,500 annually, under two separate leases, expiring in 2030, with upwards-only rent review provisions. There is 74.3sq m (800 sq ft) on the ground floor and a further 35.3sq m (380 sq ft) at basement level. There are three two-bedroom apartments overhead, which together are producing €74,928 in annual rental income under separate residential tenancy agreements. All told, the investment is generating €162,428 annually.

South William Street is one of Dublin’s most vibrant thoroughfares with a wide array of restaurants and bars, including Peter’s Pub, Farrier and Draper, Platform 61 and Grogan’s, all near heritage buildings such as the Powerscourt Townhouse Centre. The immediate area is undergoing significant regeneration with the completion of the final phase of Chatham and King by Hines on Chatham Street and Clarendon Row linking South William Street to Grafton Street. High-end jeweller Paul Sheeran has agreed a deal to occupy the ground floor of the Chatham & King development. The new store sells watches by luxury brands Hublot, Longines and Tudor, while Richemont stablemates Panerai, Cartier, IWC Schaffhausen and Jaeger-LeCoultre will operate own-door outlets from the premises with TAG Heuer and Breitling.

Commenting on the sale of 43 South William Street and 1 Chatham Row, Michele McGarry of Colliers’ capital markets division said: “This investment attracted strong interest from an array of parties both domestic and overseas. Buyers were impressed by the quality of the residential units and of course by the opportunity to acquire one of Dublin’s most iconic, landmark cafes.”