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Sold

Property Detail

Sold

Price: Seeking Offers Excess €1.0m
Location: 18 Merrion Row, Dublin 2, Ireland.
BER: Exempt
Description: Prime located investment for sale - 4 storey over basement mid-terraced Georgian building with Restaurant use at Ground Floor and Basement and Office use on the upper floors.

c. 212.4 sq.m. / 2,290 sq.ft.

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18 Merrion Row, Dublin 2

 

Superbly Located Restaurant & Office Investment

Producing €60,000 per annum

(Tenants not Affected)

 

INVESTMENT HIGHLIGHTS

 

  • Prime located building close to St Stephen’s Green
  • Restaurant and Office Investment
  • Total Area: c. 212.4 sq.m.
  • Current Income €60,000 per annum
  • Award Winning Etto Restaurant
  • Upper Floors let to Ben O’Rafferty Solicitors
  • Freehold Title
  • Seeking Offers Excess €1.0m.
  • Net Initial Yield 5.75%
  • Reversionary Potential

 

LOCATION

18 Merrion Row occupies a prime location 2 doors from the junction with Ely Place and c.70m. from St Stephen’s Green in the very heart of the City Centre.

Merrion Row is an excellent retail and office pitch benefitting from high footfall and passing traffic.  The area has an abundance of first class Hotels and Restaurants reflecting its prime location including The Merrion Hotel and Shelbourne Hotels and Restaurants including Patrick Guilbauds, Ely Wine Bar, Unicorn, Bang, Marcels, Pearl Brasserie and Hugos.

The area is well served by public transport with the Luas Green Line terminus at St Stephen’s Green, the Cross City Luas Line (opening end 2017) on St Stephen’s Green, the DART at Pearse Street and numerous Dublin Bus routes closeby.

 

DESCRIPTION

18 Merrion Row is a 4 storey over basement mid-terraced Georgian building with Restaurant use at Ground Floor and Basement and Office use on the upper floors.

The building extends to a total floor area of c. 212.4 sq.m. / 2,290 sq.ft. 

The Ground Floor and Basement are let to Barmat Limited t/a Etto Restaurant.  Etto opened in 2014 having taken over an existing 35 year lease and immediately made a big impression on the Dublin Restaurant scene winning multiple awards every year since.  There is pedestrian laneway access to the rear of the building.

The Upper Floors are fully let to Ben O’Rafferty Solicitors.  The offices are laid out with 2 good sized offices per floor in standard Georgian building format.  The offices have the benefit of an own door entrance separate from the Ground Floor unit.  Ben O’Rafferty Solicitors have been a tenant in 18 Merrion Row for over 30 years.

 

 

ACCOMMODATION & TENANCY SCHEDULE

 

18 Merrion Row is let with a total passing rent of €60,000 per annum

 

Floor

Sq.M.

Tenant

Leases

Rent

 

 

Ground

 

Basement

 

Sub-Total

 

38.6

 

48.1

 

86.7

 

 

Barmat Ltd t/a Etto Restaurant

 

20 year FRI lease from 1st March 2017 with 5 yearly rent reviews.  This is a renewal of a 35 year lease from 1982.  Tenant pays 40% of insurance

premium of building.

 

 

€40,000 p.a.

First Floor

 

Second Floor

 

Third Floor

 

Sub-Total

 

41.4

 

41.7

 

42.6

 

125.7

 

Ben O’Rafferty 

Solicitors

Tenant is overholding on 35 year lease from 1st June 1970 currently paying €20,000 per annum.  Tenant has rights of renewal.  Tenant is responsible for internal repairs and paying 60% of the insurance premium.

€20,000
   

 

 

 

TOTAL

212.4

 

 

€60,000

 

Note: Office floor areas are measured on a net internal floor area basis, Restaurant areas are measured on a gross internal floor basis including toilets and stores in basement.  All intended purchasers are specifically advised to verify the floor areas and undertake their own due diligence.

 

TOWN PLANNING

The property is located in an area zoned Objective Z5 “to consolidate and facilitate the development of the central area, and to identify, reinforce, strengthen and protect its civic design, character and dignity” under the Dublin City Council Development Plan 2011-2017.

The property is identified as a Protected Structure.

 

VIEWING

Strictly by appointment only

Contact:  Nicholas Corson at 01.614.7900 ncorson@finneganmenton.ie

David Rowe at 01.614.7900  drowe@finneganmenton.ie