Description
The sale comprises a licenced premises (bar, restaurant and off-licence) with approx. 352 sq.m. at ground level and approx. 289 sq.m. basement, currently in use as Wasabi Restaurant.
This premises extends to the complete ground level of 3, 4 & 5 Dorset Street Lower and consists of a double fronted bar/ lounge area, kitchen, separate customer and staff toilets, designated smoking area, and an off licence, along with substantial basement, with cold room, ample storage space and keg drop access. The licenced premises is on a 15 year IRI Lease from March 2018 at a current rent of €55,000 per annum increasing to €110,000 per annum in March 2020.
The first floor of number 3 Dorset Street consists of an own door office leased to Mater Private on a 5 year lease which expired in August 2015 with a rent of €42,000 per annum.
The offices are in a modern layout consisting of 2 open plan office spaces, 2 smaller offices, kitchenette and w/c’s, totaling approx. 250 sq.m.
The upper floors of 4 & 5 Dorset Street consist of approx. 291 sq.m. of currently vacant office space, in need of refurbishment and with potential for change of use to residential (SPP).
To the rear of the property and accessed off Georges Place, are 5 apartments, 2 two bedroom apartment units of approx. 58 sq.m., a spacious two bedroom duplex apartment unit of approx. 74 sq.m. and 2 three bedroom with study units extending to approx. 109 sq.m.
All five apartments are subject to standard residential tenancies and are currently generating €102,000 per annum.
Indicative Floor
Plans
Tenancy
Schedule
All intending purchasers should satisfy themselves in relation to floor areas and floor plans.
Residential Tenancies
| Property | Size Sq.m. | Size Sq.ft. | Beds | Gross Rent Per Month | Gross Rent Per Annum |
|---|---|---|---|---|---|
| Apt 1, 3 Georges Place | 74 | 797 | 2 | €1,350 | €16,200 |
| Apt 2, 3 Georges Place | 59 | 635 | 2 | €1,400 | €16,800 |
| Apt 3, 3 Georges Place | 59 | 635 | 2 | €1,340 | €16,080 |
| Apt 1, 4 Georges Place | 109 | 1173 | 3 + Study | €1,924 | €23,088 |
| Apt 2, 4 Georges Place | 109 | 1173 | 3 + Study | €2,500 | €30,000 |
| Total | 410 | 4413 | €8,514 | €102,168 |
Commercial Tenancies
| Address | Floor | Tenant | Term | Commencement | Break Option | Size Sq.m. | Size Sq.ft. | Gross Rent Per Annum | Expected Gross Rent Per Annum (March 2020 |
|---|---|---|---|---|---|---|---|---|---|
| 3, 4 & 5 Dorset St Lower | Ground | Wasabi | 15 Years incorporating 5 yearly rent reviews | 12/03/2018 | No break | 352 | 3,789 | €55,000 | €110,000 |
| 3, 4 & 5 Dorset St Lower | Basement | Wasabi | Included in above lease | - | Included in above lease | 289 | 3,111 | Included in above lease | Included in above lease |
| 3 Dorset St Lower | First | Mater Private | 5 Years* | - | - | 250 | 2,691 | €42,000 | €42,000 |
| 4 & 5 Dorset St Lower | Second/Third | Vacant | - | - | - | 291 | 3,132 | - | - |
| Total | 1,182 | 12,723 | €97,000 | €152,000 |
*Expired August 2015. Tenant is currently overholding.