Restaurant Properties in Dublin City Centre Sold Above Guide Price
Two interconnected restaurant buildings in Dublin's city centre, that had been put on the market with a guide price of €1.75 million, have been sold to an unidentified purchaser for more than €2 million.
There was strong competition for the 4 and 5 Castle Market buildings, which house popular burger joint Jo'Burger, with several wealthy businessmen bidding on the premises, reports The Irish Times.
Jo'Burger has a 20-year lease on the buildings at €120,000 rents per annum, with the area stretching over 1,858 square metres. The new owner will see a net yield of 5.97 per cent on the purchase.
Castle Market, which runs from Powerscourt shopping centre on South William Street to Drury Street, is home to numerous bars and some of Dublin's top restaurants, including l’Gueuleton, Fallon & Byrne, Eden Restaurant and Fade Street Social.