A mixed-use investment on a prominent Dublin 2 corner is new to the market at more than €1.3 million through agent Cushman & Wakefield which would reflect a net initial yield of 4.53 per cent and a capital value of €475 per sq ft.
The property, at 12 Camden Street Upper, has been in the ownership of the Brady family since the early 1920s. It has housed a pharmacy since 1894 and this use continues to this day where Figurate Ltd (trading as Brady's Pharmacy) occupies the ground and basement floors.
This tenancy is held under a 25-year lease from March 2005 at an annual rent of €52,000. There are no break options in the lease while the unexpired term amounts to more than 11 years.
Two-bedroom unit
The first floor, in office use, is occupied by Nurse Buddy on a four-year and nine-month lease from June 27th, 2016, at a rent of €12,000 per annum.
Overhead is a vacant two-bedroom duplex unit at second- and third-floor level which, according to the agent, will require some “capital expenditure”. Tenants occupying the property are not affected by the sale.
The property, which extends to 254sq m (2,734sq ft) and is not a protected structure, has dual frontage to Camden Street Upper and Harrington Street. It is located about 650m southwest of St Stephen’s Green and has transport links to the city centre close at hand.
