Investors eager for immediate rental income from a robust tenant line-up in a key location in Dublin city centre will be drawn to the sale of the 17-19 Wexford Street properties for a suggested price of €5.5 million. St Stephen’s Green and Grafton Street are located a short distance away from this popular strip that runs from Wexford Street to Camden Street, which is home to acclaimed establishments like Whelan’s. The building on sale is fully occupied and is marketed by DNG Commercial who report a total annual rental yield of €402,544. Interest in acquiring the property at the guide price of €5.5 million will give the buyer an anticipated gross initial yield of approximately 7.32 per cent.
The property, a mixed-use building with four floors, is briefly described as follows: Eddie Rockets and Wow Burger, two of Ireland’s most recognisable fast-food chains, lease the ground-floor premises. Both units are complete entities and operate under long-term Full Repairing and Insuring (FRI) agreements. The upper three floors house 10 fully occupied apartments. The average remaining tenancy term (Wault) is 7.37 years to break and 13.87 years until termination.
Eddie Rockets (Ireland) Limited is the lessee of 19/19A Wexford Street, under a 35-year lease agreement that began on March 1, 1998, and pays an annual rent of €110,000. A previously erected signage on the vendor’s gable wall above Eddie Rockets points up Camden Street. Companies have shown interest in setting up a digital billboard, subject to planning permission, which could serve as an additional income stream.
Svetac Limited, under its trade name Wowburger, is the lessee of 17/18 Wexford Street. This 20-year lease agreement started in October 2022 carrying an annual rent of €110,000. A tenant-only option to break the lease agreement exists at the end of the seventh year with six months’ written notice. Wow Burger opened its debut outlet in 2017 and has grown to operate across 12 locations in Ireland and one location in England.
The 10 apartments, which are fully let on annual rolling leases, bring in a total annual rent of €182,544.