Attractive Restaurant Investment in Dalkey Village Comes to the Market
Dublin, Feb 2016 –CBRE have launched 22 Castle Street, Dalkey to the market. The property comprises a two storey restaurant, currently trading as Ouzos Seafood Restaurant. CBRE are quoting €800,000 for the property, equating to a net initial yield of 8.68%.
The building comprises a two storey restaurant which fronts onto Dalkey’s main street, Castle Street. Dalkey is a thriving coastal village and popular residential area which benefits from high levels of tourism throughout the summer months. 22 Castle Street is situated in the centre of Dalkey village, opposite Supervalu and close to Dalkey Dart station.
The building comprises a two storey restaurant of approximately 151 sq. m. (1,621 sq. ft.). The property is laid out to provide customer seating, WC facilities and staffrooms on the ground floor and additional customer seating as well as a fully fitted commercial kitchen on the first floor. The restaurant is finished to a high standard with a contemporary design and fit out.
22 Castle Street is let to PBR Restaurants Ltd. under a 35 year, upwards only lease from 1st October 2004.The passing rent is €72,500 per annum which equates to approximately €45 per sq. ft. The lease has an unexpired term of over 23 years.
22 Castle Street provides an opportunity to acquire an attractive lot size in the popular coastal village of Dalkey. The single let nature of this building coupled with a long unexpired lease term will be attractive to a range of private investors
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 140 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.