The property is located on the east side of Upper Fownes Street midway between its junctions with Cecilia Street and Temple Bar Square and in the heart of Temple Bar. The property is adjacent Crown Alley, Temple Bar Square and the recently completed Central Plaza, which will be home to Krispy Kreme, BUJO and a number of other eateries. WeWork, are to open a co working on seven of the upper floors and will open for business shortly.
Temple Bar is home to a wide variety of restaurants, quality bars and eateries catering for all tastes and budgets and is popular with both tourists and the fun loving Irish.
The property comprises a three storey over basement commercial building which is laid to provide restaurant seating on the ground floor, basement and first floor levels. The second floor is primarily kitchens but also has ladies and gent’s toilet facilities. There is a dumb waiter which serves all floors .The premises trades as La Caverna Restaurant.
The entire building is let to Lunar Concepts Limited t/a La Caverna Restaurant on a 20 year Full repairing and insuring lease from the 18th January 2014, There are rent reviews at five year intervals to open market level. The reserved annual rent is € 81,000 plus Vat
Title: We are advised that the property is Freehold and subject to the following tenancy. The entire Building is let to Lunar Concepts Limited t/a La Caverna Restaurant & Wine Bar under a 20 year full repairing and insuring lease from the 18th January 2014 incorporating rent reviews at five intervals to open market. The passing rent is € 81,000 and the next review is due in January 2024. The rent is paid monthly in advance.
Rates: The tenant is responsible for the payment of the local authority rates which are € 6,432.
VAT: There will be Vat on the purchase price.
Excellent opportunity to acquire a neat commercial investment where the entire building is let to a well-established restaurant business with a proven track record.
We are seeking offers in the region of €1,250,000 which would equate to a net initial yield of 5.9%.
Viewing and Further Information: Strictly and only by prior appointment with the Sole Selling Agents
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