Description***Please note that this property is now for sale by way of online auction with our joint agent BidX1 on Thursday 29th October.**
The subject property comprises a four-storey over basement mid-terrace Georgian property located on the southern end of South William Street. The property has a brick façade with sliding sash windows on the upper levels.
The ground and basement levels are occupied by a restaurant user (Dada) and traverse the ground and basement, access to the restaurant is provided at the ground floor level of No 45. The ground floor is open plan in layout to provide for a bar, restaurant and service kitchen to the rear. The basement level is laid out to provide for a preparation kitchen, ladies and gents toilet facilities and private function room. The property, subject to planning is suitable for a wide range of uses. The ground floor restaurant has capacity for 150 patrons whilst, the basement accommodation (Ziryab Private Room) can cater for up to 60 patrons.
The first, second and third floors of the subject property are entered through a separate entrance via No. 44 South William Street. The upper floors of the property comprise 8 x studio apartments. In addition, there are also 3 x workshops/offices. All accommodation on the upper floors is need of refurbishment.
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DirectionsThe subject property occupies a high-profile location on the southern end of South William Street near its junction with Chatham Street. Dublin’s principle shopping quarter Grafton Street and the historic Castle Markets area are within close walking distance. Trinity College Dublin is also located 500 metres to the north which attracts over 500,000 visitors annually.
The area has become one of Dublin’s most established entertainment quarters and is popular amongst tourists and locals due to the number of bars and restaurants. Nearby occupiers include Farrier & Draper, Metro Cafe, The Port House, Dakota, Alfie’s, Eden Bar & Grill, Zaragoza, and Ladurée. Powerscourt Townhouse Centre is located 150 m to the north and comprises a speciality shopping centre comprising over 40 shops and restaurants.
The subject property is located approximately 350 metres to the north west of the St. Stephens Green Luas stop. The are numerous bus routes serving the locality which can be accessed from nearby St. Stephens Green and College Green.
Lease TermsThe basement and ground floors are both let an individual t/a Dada Moroccan Cuisine & Tapas Restaurant on separate coterminous leases until April 2030 at a combined rent of €123,000 per annum. The lease provides five yearly open market rent reviews and provides for full repairing and insuring covenant.
There is a further existing commercial tenant in occupation (on the first floor) with a passing rent of €10,000 per annum. Therefore, the combined passing rent from the commercial elements of the property amount to €133,000 per annum with vacant possession of the balance of the accommodation i.e. 2 x workshops/offices and 8 x studio apartments.