Investors seeking the combination of immediate income and the prospect of longer-term rental growth may be interested in the opportunity presented by the sale of number 16 Aungier Street.
Guiding €1.5 million through agent Knight Frank, the property is a mixed-use investment of 330sq m (3,552sq ft) comprising a newly-fitted ground-floor restaurant and six apartments overhead.
The passing rent is €127,820 per annum on the assumption of re-letting one of the vacant residential units, which has been held vacant for the purpose of the sale. While the guide price of €1.5 million equates to an attractive gross initial yield of about 8.5 per cent, the investment offers the prospective purchaser significant reversionary potential in the longer term, with a number of the residential units passing at below open-market rental levels.
Ground floor
The ground floor extends to 125sq m (1,345sq ft)and is occupied by one of Dublin’s newest restaurants, Chinese street food specialist, Big Fan. The venture is backed and directly managed by an experienced operational team which has been involved in another long-standing restaurant brand in Dublin.
The restaurant is let on a 35-year full repairing and insuring (FRI) lease from July 11th, 2005 at a rent of € 50,000 per annum, offering both an unexpired term of circa 19.7 years and further scope for reversionary potential in the medium to long term.
The upper floors comprise six one-bedroom, self-contained residential units.
Number 16 Aungier Street enjoys a prime location within Dublin city centre and benefits from substantial footfall throughout the day and evening with numerous shops, offices and educational institutions in close proximity.
