67-70 Meath Street, The Bull Ring, Dublin 8
Joint agents Kelly Walsh and QRE are bringing a mixed use investment opportunity to the market on Meath Street in Dublin 8. The ‘Bull Ring’ is a landmark building holding a prominent profile in the heart of the Liberties area of the south inner city.
The well renowned Bull Ring has undergone extensive redevelopment since it was acquired in 2016 to provide a prime three storey mixed use property with three self-contained commercial units at ground floor level and two floors of high specification offices above. The ground floor units range in size from 102 – 119 square metres with the office space extending to 594 square metres. The overall footprint extends to 917 square metres.
The property is part let with one unit at ground floor level let to Tasty 8, a trendy café let on a 10 year lease from 2017 at a rent of €36,000 per annum. The offices are let to EDI Factory Limited t/a Celtrino for a term of 15 years producing an annual rent of €168,500. There is scope to significantly increase rental income by letting the two ground floor units that are expected to generate a further €80,500 per annum which would see a combined annual income of €285,000.
The joint agents are seeking offers in excess of €3.75 million which represents a gross yield of 5.45%. The agents estimate the return would increase to approximately 7.6% when the reversionary potential is fully realised.