The intense competition for good quality retail investments in Dublin's south inner city should ensure an early sale of a well-known restaurant and office investment at 22 Ely Place.
Marguerite Boyle of Savills is seeking in excess of €1.8 million for the four-storey, over-basement building close to St Stephen's Green, which produces a yearly rental income of €127,000. The investment will show an income return of 6.75 per cent.
The Georgian building extends to 455sq m (4,900sq ft) with the Ely Wine Bar occupying the ground floor and basement at a rent of €82,000 – about 65 per cent of the entire income. The wine bar has been based there since 1999 and has seven years remaining on the lease.
Competitive bidding
The ground floor can accommodate 30 diners as well as 50 bar guests while the basement has seating for 25.
The office accommodation on the top three floors is let to Fitzpatrick Consulting, Gourmet Burger and Abacus Accounting. The last two companies recently moved into the building on leases running for four years and nine months.
Ms Boyle said she expected competitive bidding for the high-quality building.
