A landmark car showroom in south Dublin is set to hit the market with a pricetag of more than €2m.
Spirit Motors in Sandyford, Dublin 18, is available for about €2.5m after CBRE launched the property this week.
The agents say the property will yield investors an initial return of 7.66pc after standard acquisition costs of 4.46pc are deducted.
CBRE's Wesley Rothwell, who is acting as agent for the sale, said he expects a "strong level of interest from investors".
"The property offers excellent income-return prospects and provides investors with a dry-asset," he claimed.
The Spirit Motors property comprises a two-storey detached car showroom and office building on a self-contained site in Sandyford Industrial Estate.
The building is laid out to provide open plan, ground floor showroom accommodation with a mix of open plan and cellular offices at mezzanine and first-floor level, CBRE say.
The premises extend to approximately 2,332 sqm on a site of approximately 1.7 acres.
The company describes the property as being "well presented throughout and finished to a high specification".
The external areas are predominantly concrete finished and include a surface car park with approximately 81 spaces.
The property is fully let to Spirit Motor Group Limited on a 10-year FRI lease from May 2013 at a current rent of €200,000 per annum with incremental increases to €270,000 in year 10.
Spirit Motors is one of Ireland's premier automotive dealerships. It has been established in South Dublin since 2004. This tenancy represents a strong covenant.
The property is located in an area zoned 'Office based Employment Use" under the Sandyford Urban Framework Plan 2011-2016. The property is suitable for development of up to six storeys with a plot ratio of 1:2.
The site is the latest car showroom to hit the market in recent months. Last year, a showroom in Liffey Valley in Dublin that had been owned by Bill Cullen hit the market with a guide price of €3.5m.
In 2011, industry veteran Frank Keane re-opened Maxwell Motors in Blackrock after it had been in receivership for more than three months.
Earlier this year former Appleyard Motors facility in Stillorgan Industrial Park in south Dublin sold to Spirit Motor Group for close to €1.5m and the former Legrande Garage in Stillorgan, Dublin 18, sold to Merrion Fleet for approximately €1.2m.