Commercial real estate services and investment firm CBRE is guiding a price of €2.5 million for a restaurant investment opportunity at 33-34 Essex Street in Dublin city centre.
According to The Irish Times, in May of this year, the two-storey-above-basement restaurant space was let on a 15-year lease that produces an income of €160,000 per annum, which equates to a 5.9% net initial yield at quoting price, after purchaser's costs.
The Irish Times quotes CBRE retail division director Bernadine Hogan as saying, "This property is superbly located within Temple Bar with a very strong trading tenant in situ. The WAULT is just under 15 years and, over time, there is perhaps the opportunity to extend into the basement to create income-chargeable space, which has already been granted planning permission. We expect to see very good interest from mainly private investors."
© 2019 Hospitality Ireland – your source for the latest industry news. Article by Dave Simpson. Click subscribe to sign up for the Hospitality Ireland print edition.