An investment property adjacent to the Clerys Quarter at 28 O’Connell Street, Dublin 1 is offered for sale with a guide price of €3.5m.
The entire property is currently leased to Xenon Dental Services trading as Smiles Dental and part of the global healthcare group British United Provident Association (Bupa) for an annual rent of €160,000.
While this translates to a gross yield of 4.57 percent, investment attractions include only upward rent adjustments, no break clauses on a 19-year lease, and the financial strength of its tenant.
With ornate ceilings on the ground floor, the five-story Edwardian building extends to 433.5 sq ft (4,666 sq ft) above the basement. It was originally designed as a bench.
Sales agent Stephen McCarthy of Savills, acting on behalf of a private investor, says the mid-terrace property is finished to a high standard throughout. It offers dental care rooms on the ground floor, with offices and ancillary rooms above and also in the basement.
The neoclassical style building was constructed during the rebuilding of O’Connell Street after the 1916 riot. It was built on a narrow plot with an ornate Ionic portico and decorative stone facade.
It borders the Clerys Quarter, which is being redeveloped by a consortium led by Paddy McKillen Jr. as a new retail, office and leisure destination.
https://www.independent.ie/business/commercial-property/built-over-the-rubble-of-1916-an-iconic-property-on-oconnell-street-offers-attractions-for-investors-41919318.html Built on the rubble of 1916, an iconic property on O’Connell Street offers investors attractions