Popular Ranelagh eatery Tribeca on the market for €2.1m
The Tribeca building, home to one of Ranelagh's more popular restaurants, is being offered for sale as an investment with a €2.1m price tag, which reflects a net initial yield of 6.85pc after standard purchaser's costs of 8.46pc.
Now famous for its chicken wings and brunches, Tribeca has been trading successfully for the past 16 years.
Before that, the building at 65 Ranelagh, Dublin 6, was home to Pronto grill, the only restaurant in the village for decades. The building extends to about 1,900 sq ft (177 sq m) and is arranged over two floors to provide a modern restaurant at ground level and a wine bar at first floor level.
It is subject to two lease agreements with Top Range Catering, trading as Tribeca, producing a total rent of €156,000 per annum, which equates to about €82 per sq. ft. The lease has about eight years to run and a rent review is due in April 2021. The sale, which is being undertaken by a receiver, will not affect the tenants.
Ellen Prenderville of selling agents QRE Real Estate Advisors expects significant interest in the investment, given its high profile and the strength of the food and beverage industry in Dublin.
The sale is timely as the village is due to see the opening of its first hotel this autumn, the Devlin Hotel, operated by Press Up Entertainment Group.