Tuesday 25 September 2018

€1.8m investment on Parliament St

The lease on Nos 38-40 Parliament Street is 21 years unexpired
The lease on Nos 38-40 Parliament Street is 21 years unexpired
Ronald Quinlan

Ronald Quinlan

Pub and hotel specialists Morrissey's are guiding a price in excess of €1.8m for Nos 38-40 Parliament Street in Dublin city centre.

The entire property is leased to Banta Restaurants Limited, trading as Beef & Lobster, under a 25-year FRI (full repairing and insuring) lease from April 2014 (21 years unexpired) with five-yearly rent reviews.

The contracted rent for the property is €100,000 per annum. Importantly, the lease allows for a valuable rent review in February 2019.

The lease is personally guaranteed by the directors of Banta restaurants ltd until May 2019.

The tenant is unaffected by the sale, and has traded from the property since the lease was assigned to them in May 2016.

The tenant company has been operational for over five years and operates several other Dublin restaurants.

The subject property comprise a well-appointed restaurant with seating area and kitchen at ground-floor level, with restroom and storage accommodation to basement level. The property extends to 279 sq m (3,003 sq ft).

The selling agents are seeking the submission of full and final offers from interested parties by 3pm on Friday, June 8 next.

Elsewhere in Dublin city centre, Morrissey's are seeking full and final offers 3pm on Thursday, June 7, for Shanahans licensed premises in the Coombe.

The well-known pub is being offered for sale on the instructions of Liam Shanahan, who is retiring, having traded successfully from the property for 21 years.

The business is currently operated along very conservative lines affording a purchaser the opportunity to develop a high-volume business derived from its densely-populated surroundings.

The prospective purchaser might also look to secure a stream of a rental income through the construction of apartment or office accommodation above the existing licensed premises.

The property currently comprises traditional-style ground floor and first floor lounge bars extending to a total of 239 sq m (2,572 sq ft).

The selling agents say: "Shanahans represents an excellent opportunity to acquire a licensed premises located within a district undergoing regeneration with several hotels and apartment blocks recently developed and currently under construction."

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