A private investor has acquired 94-96 Middle Abbey Street for €3 million, some three years after the five-storey property, which is laid out as retail, office and residential accommodation, first came to the market. It’s understood that the investor also owns other buildings on the street.Developed in the years following the 1916 Easter Rising, the property occupies a high-profile position on Middle Abbey Street next to Arnotts and adjoining Independent House, the former headquarters of The Irish Independent, Sunday Independent and Evening Herald newspapers. Both of these buildings are set to play a significant role in the regeneration of Middle Abbey Street, with planning permission granted recently for the development of a student-accommodation scheme at Independent House and a new 245-bedroom hotel above Arnotts.The property first came to the market for €3.75 million in 2023, but failed to sell. It was launched for sale once more last October at a discounted price, of €3.4 million, by agent Colliers.The property extends to a total area of 868sq m (9,348sq ft) with retail accommodation at ground floor and basement levels, six apartments on the upper floors and a first-floor office. The ground floor and basement are let to City Electrical Factors (CEF), a well-known international electrical wholesaler, at an annual rent of €100,000. The upper floors are generating €140,832 from six apartments, comprising a mix of two and three-bedroom units. The first-floor office space, which extends to 106sq m (1,143 sq ft), is vacant, and offers scope according to the selling agent, for conversion to residential accommodation, subject to planning permission. The property is generating overall rental income of €240,832 a year, indicating a blended net return of about 7 per cent on acquisition, assuming standard purchaser’s costs. Stephen Conway of Colliers said: “The property generated high levels of interest, reflecting its prime position in the city centre, the potential to drive rental growth and add value through a repositioning strategy of the vacant floor.”