Tuesday 16 October 2018

Upper Baggot St PTSB premises sells for €1.5m

Ronald Quinlan

Ronald Quinlan

Ollie Lyons of agent TWM has completed the sale of No 4 Upper Baggot Street for €1.5m.

A prominent Georgian terrace building, the property is linked internally with the adjoining corner premises which fronts on to both Haddington Road and Upper Baggot Street.

PTSB occupies the property on a 35-year, full repairing and insuring (FRI) lease from April 1990 with no break options giving the new owner an eight-year secure income stream. The investment has an open market rent review in 2020 with a contracted rent of €102,500 per annum which will provide the new owner with a net initial yield of 6.30pc (assuming standard purchasing costs of 8.46pc).

Mr Lyons, who acted on behalf of the vendor PWC, said that the combination of the property's prominent location and its secure income were the primary factors in attracting interest.

David Carroll of Bannon acted on behalf of the purchaser.

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