Temple Bar Property On Sale

One of the seminal retail blocks in Temple Bar, Dublin, which includes a range of restaurants such as Elephant and Castle, is to go on sale as part of on ongoing disposal of poorly-performing assets which were in the possession of Treasury Holdings before it was wound up in October 2012. Savills and DTZ Sherry FitzGerald are asking for least €7.8 million for the 12 retail buildings which run along three sides of the Crampton Buildings and are producing a rent roll of €583,000. New owners can bank on a net initial return of 7.16%.   The prestigious investment will catch the attention of a range of investors both in Ireland and abroad because of Temple Bar’s perennial ability to attract large numbers of visitors.   The Crampton Buildings were developed by Dublin Artisan Dwellings in the 1890s and consist of a three-storey over basement block with retail and restaurant uses at ground and basement levels.   The apartments on the two upper floors, which are accessed via Asdills Row, were bought in the late 1990s by Dublin City Council about the same time as Treasury Holdings acquired the shops with capital provided by Bank of Scotland (Ireland).   The council is currently refurbishing the apartments and amalgamating some of them to provide 28 residential units instead of the original 54. An internal courtyard is also being remodelled to enhance the residential enclave.