Tuesday 15 October 2019

Brace of Baggot Street investments sell for well over their guide price

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Donal Buckley

Donal Buckley

Two adjoining investment properties at 15 and 17 Upper Baggot Street, in the middle of the busy cafe and office district to the south-east of Baggot Bridge, Dublin 2, recently sold for around €3.05m. That is €200,000 more than the price quoted by Brian Shields, of sales agents JLL.

They are fully let in retail, cafe, restaurant and office uses and generate total passing rent across seven tenancies of €211,697 per year. That suggests a gross initial yield of 6.94pc.

In 15 Baggot Street, the basement, ground and some of the first floor extending to 1,132 sq ft, generates annual rent of €66,000 from Eathos cafe.

The rest of this building is in offices, of which 578 sq ft on the first floor generates €12,697 in rent while 1,158 sq ft on the second and third floors generates income of €20,000.

The adjoining 17 Baggot Street Upper is also a four-storey over-basement period property with a warehouse mews structure to the rear, accessed off Fleming Place. Its ground-floor retail unit is currently in use as a high-end wine retail outlet, Baggot Street Wines, which has 2,452 sq ft at an annual rent of €68,500.

The 637 sq ft basement currently trades as The Cavern Wine Bar and Restaurant, and with its internal dining area also has access to the rear onto a yard/dining terrace. Its annual rent is €6,000.

At first-floor level, 474 sq ft of offices generate €15,000 while the 851 sq ft of the second and third floors generates €23,500 annually.

The vendor was a receiver and the purchasers were private investors.

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