Published Date: 30/10/2024
Sunday Business Post
27th October 2024
Tina-Marie O'Neill
Finnegan Menton is selling the freehold interest of a high profile retail and office building on the south side of the river Liffey to market with a €950,000 guide.
The four-storey over basement Georgian building extends to some 192 square metres and comprises a retail unit occupying the ground floor and basement together with three self-contained offices on the first, second and third floors.
The property generates a total rental income of €55,500 per annum with a fixed uplift to €57,000 per annum from May 2026.
The ground floor and basement is let to Il Momento Caffe Ltd trading as the Music Cafe Dublin on a ten year lease from May 2019 at a passing rent of €31,500 per annum and increasing to €33,000 in May 2026.
First and second-floor offices are let to Martin Maloney Solicitors on a ten-year lease from November 2017 at a passing rent of €24,000 per annum. The third floor is vacant, allowing for further income potential. When fully let the property is expected to produce a total rental income in the region of €70,000 per annum.
No. 1 Wellington Quay is surrounded by popular and historic visitor attractions and is close to the Four Courts, Dublin City Council offices and Dublin Castle.
The €950,000 guide price reflects a net yield of about 5.3 per cent, increasing to approximately 6.7 per cent when fully let.
The sale is being handled by Finnegan Menton agents Emma Byrne and Mark McCormack.