Savills has brought two key investment properties in Dublin to the market today. 27 South Anne Street, Dublin 2 – leased to Smiles Dental – has an asking price of €1.7m.
Meanwhile, a property let to KBC Bank Ireland PLC in Swords is available for €725,000.
27 South Anne Street comprises of a 4 storey over basement listed building occupying a pivotal location opposite to Kehoes, and within immediate proximity to Grafton Street and Dawson Street. The entire property is fully let generating an annual income of €145,000. The ground floor and basement is let on a 25 year lease from July 2007 to Smiles Dental. The Irish dental group was recently acquired by Oasis Healthcare, Britain’s largest provider of dental care with a group turnover of £210M Stg. Smiles pay a current rent of €90,000 per annum.
The upper floors are occupied by Nu Essence Beauty Saloon on a short term lease subject to a passing rent of €40,000 per annum, while an adjacent retail unit to the rear located on Anne’s Lane is occupied by the Italian Heel Bar for a term of 20 years from February 2010 subject to an current rent of €15,000 per annum.
Stephen McCarthy of Savills, commented: “This is a great opportunity for private investors seeking a superbly located, easy to manage investment property in a prime city centre location with potential to increase the income further in the medium term. The vicinity will be further enhanced with the arrival of the proposed Dawson Street Northbound Luas stop which will form part of the Luas Cross City line.”
The other property on the market – 47 Main St, Swords – comprises of a single storey listed building with off street parking to the rear for 12 cars located in a prominent location on Swords Main Street. The entire property is let to KBC Bank Ireland PLC for a term of 10 years from 6th June 2014 at an annual rent of €68,880 per annum and provides for a tenant only break exercisable at year 7 of the term.
Stephen McCarthy of Savills, commented;
“This is a great opportunity for private investors seeking an attractive, easily managed investment property let to a very strong covenant occupying a landmark location in Swords. We anticipate strong interest for this investment, which will be further underpinned by investors seeking to benefit from the valuable Capital Gains Exemption which expires the end of 2014.”