€4.75 m smithfield offers a net initial yield of 6.35 PC

  • €4.75 m smithfield offers a net initial yield of 6.35 PC
    Independent.t. E.
    Agent CBRE is guiding a price of €4.75 m for the F block, Haymarket square, fully occupied, mixed-use complex in the centre of Smithfield in Dublin city centre.
    https://www.independent.ie/business/commercial-property/475m-smithfield-unit-offers-net-initial-yield-of-635pc-37175807.html
    https://www.independent.ie/business/article37175806.ece/215ae/AUTOCROP/h342/2018-08-02_bus_42922733_I1.JPG

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Agent CBRE is guiding a price of €4.75 m for the F block, Haymarket square, fully occupied, mixed-use complex in the centre of Smithfield in Dublin city centre.

Located South of North king street and in the vicinity of the intersection of Queen St., the building currently produces rental fee of $ 327,240 per annum from two tenants on long term lease. Block F includes office and retail space. While the object is part of a larger circuit of houses, they are not included in the sale.

It consists of two floors with double basement underneath. On the ground floor in retail use with storage in a double basement below, and extends up to 11,386 sq. m (1,057.79 sq m). The office is located on the ground floor and T amounting to 5,371 sq m (498.98 m). The hotel has a raised access floor, cassette air conditioning and suspended ceilings.

And basement retail space is a fresh 25-year lease in 2009, paying a rent of €150,000 p. a. without interruption. The first floor is occupied by brown bag films on a 25-year lease since 2007 and pays rent in the amount of 177,240 S. A.

Surrounding occupiers include Gore & Grimes solicitors, the maldron hotel, Boojum and chopped. The property is well served by public transport, including tram and Dublin bus.

Based on its €4.75 m Price guide, unit F offers a potential purchaser a net initial 6.35 PC with long-term income for over 14 years.

Stephen Ahern, CBRE said: “this is the opportunity of obtaining a long-term investment income at an attractive yield in a place that is growing in popularity as places to live and work. Further compression of yields in the city centre and in the future increase in interest rates should make it attractive to investors.”

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