Tuesday 15 October 2019

Former Wallace units have a tasty price tag of €1.28m

Last supper: The family firm of Mick Wallace developed the city centre complex
Last supper: The family firm of Mick Wallace developed the city centre complex
Donal Buckley

Donal Buckley

Four Dublin city centre properties which were part of a complex developed by M & J Wallace Ltd, the former family company of colourful MEP and Wexford Dáil deputy Mick Wallace, are to go for sale with a €1.28m guide price.

Turley Property Advisors are handling the private treaty sale of the properties comprising ground floor retail units 3 and 6 and upstairs units 1 and 2, Quartiere Bloom. They are located on Bloom Lane on Ormonde Quay facing the Millennium footbridge which links Temple Bar to The Millennium Walkway, Jervis Street's Luas stop and a shopping centre.

The two retail units are occupied and generate €51,996 in annual income.

Investors have the option of buying all four as one lot or they can purchase them in three separate lots.

Unit 3 is a restaurant trading as Enoteca Delle Langhe, which is itself a landmark because its outdoor tables are beside a wall decorated with a mural picture showing Dublin's Last Supper - a modern Irish version of Leonardo da Vinci's famous painting of Christ.

According to the website publicart.ie, this mural was the work of artist John Byrne responding to Mick Wallace's "persona and his passion for politics, philosophy, Italy, wine and football".

The background of the picture includes St Luke's church in Dublin's Coombe district as well as the dome of the Four Courts. Its cast of 13 apostles represents a cross-section of ordinary people encountered on Dublin streets, including locals and tourists, professionals and others. Their names are listed on the Public Art website. For Byrne, the artwork suggests that neither institution nor religion - in this case Christianity - has a monopoly on 'goodness'.

Internally the unit extends to 81 sq. m. (871.8 sq. ft.) and comprises a dining area, kitchen, staff rooms and restrooms. It generates €37,518 per annum.

Directly opposite is Unit 6, currently trading as Caffe Cagliostro, which extends to 29.7 sq. m. (320 sq. ft.). It generates €14,478 per year and also has a small seating area to the front. The restaurant and café can be bought together for around €550,000.

The office units known as suites 1 and 2 are on the first and second floors directly above Wallace's Taverna and these are vacant.

They are being sold on the instructions of Grant Thornton.

One of them extends to 87.32 sq. m. (940 sq. ft.) and it has a €550,000 guide price. The other extends to 43.6 sq. m. (469.3 sq. ft.) and it is guiding at around €180,000.

In 2016 it was reported that two of the Wallace commercial units, at No 3 and 6, Quartiere Bloom, were valued at €520,000 with office units at the same address valued at €300,000.

Over the years insolvency practitioners were appointed by different banks to units at Quartiere Bloom, which at one stage was also known as the Italian Quarter.

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