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Purchase of No. 49/50 Mary Street, Dublin 1

Daniel McLaughlin of Bannon has recently acquired No. 49/50 Mary Street, Dublin 1 on behalf of a private investor. The mixed use freehold property is understood to be producing a rental income of €182,000 per annum with a WAULT over 12 years.  The property comprises of a three storey over basement mid-terrace building extending to 10,000 sq ft with a ground floor retail area of 4,100 sq ft and is occupied by Polonez Food Stores.

It is understood that the agreed purchase price was just under €2,900,000 which reflects an initial yield of 5.95%, however, there are a number of outstanding rent reviews which are due to be settled post purchase with anticipated rental growth. In addition, the upper floors of No.49 Mary Street are part refurbished for residential use and if completed would further enhance the return to the investor.