A private Irish investor has paid about €1.35 million for number 20 Upper Baggot Street in Ballsbridge, Dublin 4.
Located immediately adjacent to the former Baggot Street Hospital and next to a strong line-up of retail and restaurant occupiers including Tesco, Boots, John Taylor Menswear, Searsons, Bunsen and Saba, the subject property is let primarily to Mexican-style restaurant Tula and is generating total rental income of €95,000.
The entire building comprises a total net internal area of 281sq m (3,025sq ft) distributed over four floors. The ground floor is let under a 10-year lease to the owner/operator of Tula from February 2023 and is subject to a reserved rent of €72,500 annually. A portion of the upper-floor office space is let on a number of short-term leases and is generating an income of about €22,500 annually at present. The remaining office space has an estimated rental value of between €25,000 and €30,000. The buyer of the property stands to secure a net initial yield of 6.4 per cent, assuming standard purchaser’s costs of 9.96 per cent.
Number 20 Upper Baggot Street occupies a prime location and sits within walking distance of St Stephen’s Green in Dublin city centre, and the villages of Donnybrook, Ballsbridge, and Ranelagh. The surrounding area is home to a wide range of leading corporate occupiers, including Bank of Ireland, LinkedIn, and Stripe. The subject property also sits immediately next to the former Baggot Street Hospital, the sale of which is reported to have been agreed recently to the owners of the nearby Dylan Hotel.
Nigel Kingston of Colliers said: “We are delighted to have completed this sale. This transaction reflects sustained investor appetite for well-established commercial locations in Dublin 4. With a secure restaurant tenant and flexible upper-floor offices, the property offers an excellent balance of immediate income and future upside potential.”