€750k for Baggot St First Active
Published 28/04/2010 | 05:00
First Active has grossed about €750,000 from the sale of a freehold investment property at 48 Upper Baggot St, Dublin 2, to a private investor.
The Victorian mid-terrace red brick building extends to 205sqm and generates €55,000 a year from its ground floor and from a mobile phone mast. JFD Financial Services has a 10-year lease on the ground floor.
Peter Flanagan of BNP Paribas Real Estate, who represented the buyer, commented: "We believe the property has the capacity to yield €75,000 p.a. once the three upper floors are let.
"Even allowing for the cost of refurbishment as well as purchaser's costs, we are confident the property will produce a return of about 8.5pc a year on the investment once fully let".
Katie Horridge of DTZ Sherry FitzGerald represented the vendor.