Restaurant site sells for €305k over asking price
A well-known Dublin restaurant property has sold for €780,000 - €305,000 above the guide price.
The Jo' Burger property in Rathmines was sold at auction last week where it fetched almost double the guide price.
There were eight bidders present at the auction and only four of these placed a bid, with the restaurant property going to a private Irish investor.
Currently the ground floor of the two-storey terraced building is let out to Jo' Burger on a 25-year lease which started in 2007. It has an upwardly only rent review.
And most of the first-floor of the building is leased out to a language school.
The Rathmines property has an annual rental income of €84,000. Jo' Burger pays €60,000 a year in rent and the language school pays rent of €24,000 per annum.
The building was sold through Savills Ireland which has recently expanded and now has a staff of 20 in their retail division.
"The growth of our retail division around the country reflects the increased level of activity in Ireland's retail sector," said Larry Brennan, who is head of commercial sales at the property firm.
The agency is currently selling other commercial property around the country priced in the millions. One is a commercial development in Limerick, Newtown Centre and the guiding price is €2.75m.
The news comes as Allsop Space announces another property auction just two weeks after their last one.
On Tuesday, September 16, the firm sold the largest number of properties in one day in Ireland for a total of €54.5m.
On October 11, more than 200 properties will go under the hammer in the RDS.
And 11 of them have a total reserve price of €17m.
Also up for sale is Sin Nightclub in Temple Bar with eight apartments attached and it is expected to go for more than €2m.
"We witnessed our most successful auction in September and with this new sale now scheduled for October we believe it to be a clear reflection of the strengthened demand and excitement in the property market," said Rob Hoban, director of auctions at the agency.
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