QRE – Press Release 31.08.2016
Press Release – 22 Castle Street, Dalkey, South County Dublin
A high profile restaurant investment have been brought to the market this week by QRE Real Estate Advisers.
The agency is seeking €795,000 for a restaurant at 22 Castle Street in the heart of Dalkey Village, which represents a net initial yield of approximately 8.73% per cent. The renowned Ouzos Seafood Restaurant extends to approximately 151 Sq. m (1, 621 Sq. ft) over ground and ground first floor. Situated in a prime position within the Village, Ouzos is a Dalkey institution with a sister restaurant in located in Blackrock.
The property is let to PBR Restaurants Limited t/a Ouzos Restaurant under a 35 year FRI lease from October 2004 at a current passing rent of €72,500 per annum, in addition the lease provides for upward only rent reviews every fifth year.
According to Brian Kelly of QRE ‘the unexpired term on offer will be of interest to investors seeking to acquire a well-established restaurant investment’.
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