The premises housing popular Dublin eatery Brasserie Sixty6 has been sold for a reported €2.6 million.
QRE Real Estate Advisors states that the building has two floors, extends to 456 square metres and can host around 220 customers, returning a net initial yield of 7.18 per cent, as reported by the Irish Independent.
There is a 35-year lease, from 1996, for the tenants of the building with a contracted rent of €195,000 per annum.
It is understood that there were three active bidders and that the winning bid came from a private Irish investor. Commenting on the sale, Bryan Garry of QRE Real Estate Advisors said: "We have witnessed an increased demand for similar leisure investments throughout Dublin city centre as investors seek relief from yield compression in the office and high street retail sectors."
He also added that he expects yields in the leisure investment sector to compress even further to stay in line with an increase in consumer spending.