Dublin investment sells for €4.15m - two thirds above its guide price
Published 14/08/2014 | 02:30
An investment property in the centre of Dublin has changed hands for 66pc above its asking price in the latest sign of surging interest in proeprty in the capital.
BNP Paribas Real Estate acted as agents for the sale of Twilfit House at the corner of Jervis Shopping Centre and Middle Abbey Street in Dublin 1.
According to BNP, the property was tracked by a "variety of local and international interested parties before selling following a competitive bidding process".
The building was bought by an Irish real estate fund which was advised locally by Murphy Mulhall's Scott Colley.
BNP's Peter Flanagan, who acted as an advisor to the vendors, commented: "The price achieved was well ahead of expectations and our client was very satisfied with the result.
"The property was fully let to Ben Dunne Gyms and the National Leprachaun Museum, and was producing a rental income of €350,000 per annum," he said.
The property is situated on an island site of about 0.13 hectares which BNP believe offers scope for future development.
According to Mr Flanagan, the sale also demonstrates the "healthy level of appetite among investors and property companies to commercial opportunities in select areas of the north city centre".
Apart from the Jervis shopping centre, the property is beside the Morrison Hotel,