Monday 23 October 2017

Hanover Quay units on offer for €1.585m

Three units at Hanover Quay, Grand Canal Harbour, Dublin 2, which are for sale with a combined guide of €1,585,000
Three units at Hanover Quay, Grand Canal Harbour, Dublin 2, which are for sale with a combined guide of €1,585,000

Business Reporter

Dublin Docklands Development Authority is selling two investment properties and a vacant retail unit at Hanover Quay, Grand Canal Harbour, near the Bord Gais Theatre in Dublin 2.

The three are available in either separate lots or as an entire with a combined guide price of €1,585,000.

Lot one is occupied by Herbstreet restaurant and has a €700,000 guide price.

Agents HWBC point out that while the headline rent for these units, H3/H4, is €120,000 a year with upward only rent reviews, the actual rent has been varied for 10 years from January 2012.

At the current rent of €65,000 a year and at the guide price, this would generate an income yield of 8.89pc after allowing for normal acquisition costs of 4.46pc.

The rent variation is due to increase to €75,000 for the five years from January 2017 to December 2021. These two units have combined floor areas of 157sqm (1,694 sq ft).

Lot two, H2, is a vacant ground-floor retail unit extending to a total net internal floor area of 85.84sqm (924 sq ft).

The previous tenant fitted out the property as a gallery with display columns, stud walls, hanging spot lighting, a kitchen/staff area and air conditioning. Its guide price is €342,000.

It would also offer an opportunity to a retailer or food operator who prefers to own rather than rent.

Lot three is let to RFG Ireland which operates the BB's Coffee and Muffins in Ireland and its Hanover Quay associate company trades as Baker's Coffee Co.

Its passing rent is €40,000 a year and at its €545,000 guide price this would generate an income yield of 7.03pc after allowing for 4.46pc acquisition costs.

Designed as a ground floor split level unit, with a net internal floor area, it occupies a corner site with frontage on to Asgard Road. Both it and Herbstreet also have external seating and tables for customers but those areas are not included in the property which is for sale.

All three units are located on the ground floor of a residential development close to the recently opened Marker Hotel in a sheltered waterfront area which is proving particularly popular during the current heatwave.

Irish Independent

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