In a Parisian real estate market that has accumulated records, the bar of 70,000 euros per square meter has undoubtedly already been reached or even exceeded for ultra-luxury properties and exceptional locations. But it must be recognized that this commercial premises on rue de la Roquette, in the 11th arrondissement of the capital, does not correspond to any of these criteria. It was entrepreneur and investor Benjamin Zeitoun who spotted this oddity published on the classifieds site PAP and shared his questions on the social network LinkedIn.
The commercial space offers only 13 m² and 3 meters of frontage. What can justify its price of 900,000 euros? The answer is in the photo and depends on the tenant: it is a bank which has installed an ATM there and whose annual rent indicated by the owner is 38,229 euros excluding taxes and charges. Without forgetting the fact that the property tax is borne by the tenant as stipulated in the announcement. Or nearly 3200 euros per month… Not bad for such a surface, but the announcement nevertheless leaves specialists doubtful.
“Inconsistent rent”
According to Benjamin Zeitoun, this rent which yields 4.2% would be “inconsistent with regard to the characteristics of the locall» and above all it would be very difficult to rent this premises in good conditions in the event of the departure of the tenant during the lease. A risk that would be all the more plausible since even if the banks are very popular tenants, the number of ATMs tends to decline. The other specialists who comment on this post also believe that a distributor can move around quite easily and that the rent seems at least twice as high. Those who dare to speak of figures doubt that the rent would exceed 15,000 euros per year in the event of a new tenant and evoke a possible price of 320,000 to 370,000 euros depending on the clauses of the lease.