Thursday 22 August 2019

€2.8m for prime D2 portfolio

The Castlemarket portfolio offers a gross initial yield of 5.63pc
The Castlemarket portfolio offers a gross initial yield of 5.63pc
Donal Buckley

Donal Buckley

Three retail investment properties in the trendy Castlemarket and Drury St area of Dublin city centre are for sale with a guide price of €2.8m plus VAT. Located on two sides of the corner at 6/7 Castlemarket St and 43 Drury St, the three generate a net annual income of €157,500. This suggests a gross initial yield of 5.63pc before VAT is added to the sale price.

Ben Pearson of agents Agar Commercial Property Consultants says that a rent review in 2019 could boost the return from the investment. The property at 6 Castlemarket St extends to 154 sq m over three levels and is occupied by Cullen & Co. jewellers at a current rent of €65,000 plus VAT.

On its Castlemarket St side is a second property, 7 Castlemarket St, occupied by Genevieve Nail and Beauty Bar, which pays rent of €50,000 for 35 sq m on the ground floor and 34 sq m overhead. On the other side of the corner, at 43 Drury St, is Blazing Salads which pays €42,500 for 37 sq m on the ground floor, 26 sq m on the first floor and 26 sq m in the basement.

The area is home to a range of restaurants, bars and cafés and, as such, attracts a high footfall.

The tenants are not affected by the sale which will be by way of tender and the final date for offers is December 6.

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