Lisney, on the instructions of Duff & Phelps, has secured the sale of a retail investment property 24 South Great Georges Street to a private investor for a sum in the region of €1,600,000.
The property comprises a four storey over basement Victorian building which forms part of the historic South City Markets, Dublin’s first purpose built shopping centre completed circa 1881.
Situated on the east side of South Great Georges Street, between the junctions of Fade Street and Exchequer Street, the property is located in one of Dublin’s most sought after restaurant/leisure districts. The building provides for a generous ground floor and basement retail unit of 1,733 Sq.Ft which has recently been leased to The Good Food Store who operates an artisan delicatessen/grocery store, together with 3 attractive self-contained upper floor apartments with independent street access, averaging 620 Sq.Ft in size. All of the apartments are well proportioned and maintain some period features including high ceilings and sliding sash windows on the front elevation.
The building extends to approximately 334 Sq.M (3,595 Sq.Ft) in its entirety and is currently producing a rental income of €70,200 per annum with one vacant apartment.
In total the sale reflects an initial yield in the order of 4.2%; however, the reversionary yield would be considered to be in region of 6%.
Christopher Belton of Lisney commented that ‘…there was strong interest from private investors, who were attracted by the property’s excellent pitch on South Great Georges Street, the excellent condition throughout and the relatively new retail tenancy within the property.’
Brian Gaffney of Murphy Mulhall advised the purchaser who was a private client.