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Sale will test market in Creative Quarter

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For sale: The properties at 44 and 45 South William Street

For sale: The properties at 44 and 45 South William Street

For sale: The properties at 44 and 45 South William Street

Two interconnecting mixed-use investment properties are being offered for sale at 44 and 45 South William Street in Dublin city centre.

Their sale will provide an interesting test of the market in the trendy Creative Quarter.

Bryan Garry, of agents QRE Real Estate Advisers, is quoting a guide price of €2.6m which reflects an attractive net initial yield of about 4.82pc.

Both of the interconnected period buildings are arranged over five levels and together extend to around 9,000 sq ft.

The basement and ground floors are let to the established Dada Moroccan Cuisine & Tapas Restaurant at an annual rent of €123,000 under two coterminous leases both due to expire in April 2030.

The upper floors comprise eight studio apartments, all of which are available with the benefit of vacant possession. The studios are in varying condition and all require refurbishment prior to letting.

In addition to this, there are three small offices and workshops which increase the existing rent roll to about €138,000 per annum.

Located at the junction of South William Street and Chatham Row, they are only about 170 metres west of Grafton Street.

Mr Garry estimates that the eight studio units could generate €145,000 in annual rent, which would equate to an average of more than €1,500 per month.

South William Street has in recent years seen the opening of several food and beverage venues as it is convenient to key transport links, as well as the city centre's key shopping, leisure and office districts.

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