A redeveloped retail and office investment on Meath Street in Dublin 8 goes on the market today for more than €3.75 million, which will show a gross yield of 5.45 per cent. Joint agents QRE and Kelly Walsh estimate the return will increase to about 7.6 per cent when two further retail units are let on the ground floor.
The upgraded landmark building on the Bull Ring has a prominent profile in the heart of the Liberties in the south inner city. The Bull Ring has undergone extensive redevelopment since it was acquired in 2016 to provide a three-storey, mixed-use property with three self-contained commercial units on the ground floor and two floors of offices overhead.
The ground floor units range from 102sq m to 119sq m and the office space extends to 594sq m. The overall footprint is 917sq m (9,870sq ft).
One of the three-ground floor retail units is occupied by Tasty 8, a trendy cafe on a 10-year lease from 2017 at an annual rent of €36,000. The offices are let to EDI Factory Ltd, trading as Celtrino, for a term of 15 years at an annual rent of €168,500. There is obvious scope to let the two further ground floor units at a rent of a further €80,500.
The Liberties benefits from a number of tourist attractions such as Teelings Whiskey Distillery, Christchurch Cathedral and the nearby Guinness Storehouse.
