Temple Bar Retail/Restaurant Block Expected to Sell For €13m
A Temple Bar retail/restaurant block, which includes the popular Elephant & Castle, Pablo Picante and Gallagher's Boxty House restuarants, is to be offered for sale in the new year for a price in excess of €13 million.
It was previously bought by property investment manager Ardstone Capital for €8.26 from Bank of Scotland (Ireland) in the summer of 2014.
Although no asking price has been set, it's expected that selling agent Bannon Auctioneers will seek at least €13 million, representing a return of around 5 per cent, reports the Irish Times.
The portfolio comprises of 12 retail buildings, spread over 17,000 square feet of retail space and runs along three sides of Crampton Buildings. Some of the buildings are currently being upgraded and combined with the aim of increasing the overall rental income.
Currently, Elephant & Castle, which opened in 1989, pays a rent of €160,000 per year; Gallgher's Boxty House €120,000; while Pablo Picante pays €50,000.