QRE Real Estate Advisers is guiding a price of €1.25 million for a prime Georgian investment property at 19 Ely Place in the heart of Dublin’s traditional central business district.
Number 19 is occupied in its entirety by Opitlase, one of Ireland’s foremost laser and lens eye surgery clinics. The property comprises a three-bay, four-storey over-basement, midterrace Georgian building and extends to 237sq m (2,551sq ft). The lease for the building expires in November 2036, providing about 13 years of secure income to an incoming investor.
Of additional interest to potential purchasers will be the full repairing and insuring (FRI) nature of the lease, coupled with an upward-only rent review provision. The guide price of €1.25 million equates to a net initial yield of 6.3 per cent (after the deduction of standard purchaser’s costs of 9.96 per cent) and a capital value of €490 per sq ft.
Bryan Garry of QRE says: “The sale of number 19 Ely Place provides an incoming investor with an opportunity to acquire a high-quality and extraordinarily well-located asset with a long income profile. We expect to see keen interest for this investment from private Irish pension investors given its attractive lot size and potential income return.”