Chez Max Restaurant at 133 Lower Baggot Street Sold for close to €2 million
Dublin, 22 February 2019 – CBRE have completed the sale of 133 Lower Baggot Street, Dublin 2. This asset which is excellently positioned close to the junction of Baggot Street Lower and Pembroke Street is let to Chez Max and Maxflo Properties Ltd. producing an annual rent roll of €90,000. The sale has completed in the region of €2 million, close to the original asking price of €2.1 million. The initial yield is approximately 4.15% with significant reversionary potential. The three storey over basement property extends to 364 sq. m. (3,919 sq. ft.) resulting in a capital value per sq. ft. of €510.
This sale was a receivership sale on behalf of Mazars. Fiona Kennedy of CBRE, Capital Markets acted for the vendor. Antoine Xavier of Xestra Asset Management acted for the purchaser who were private investors.
133 Lower Baggot Street is a great investment purchase, the building sits in a prime position on Baggot Street with food and beverage use at a time when F&B performance is going from strength to strength in this area.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 150 employees, we work with occupiers, investors and developers of office, industrial and logistics, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie