Tuesday 25 October 2016

A piece of Belgravia in Dublin 2 for €2.75m and a taste of Dalkey village for €795,000

Published 01/09/2016 | 02:30

22-22A Earlsfort Terrace offers investors significant potential
22-22A Earlsfort Terrace offers investors significant potential

A rare opportunity to acquire a 'Belgravia style' four storey over basement building with significant potential for residential/office refurbishment in the heart of Dublin 2 has been brought to the market at a guide price of €2.75m.

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Situated on one of the most sought-after commercial and residential locations in Dublin's city centre, at the junction of Earlsfort Terrace and Adelaide Road, Number 22-22A Earlsfort Terrace is being sold by agents QRE, with both the benefit of full vacant possession and Z8 zoning status under the Dublin City Development Plan 2011-2017.

Z8 zoning offers the purchaser the opportunity to fully convert the building, which extends to approximately 800 sq m (8,611 sq ft), to apartments, subject to securing the necessary planning permissions.

Currently, the property comprises of three 3-bed apartments, two 1-bed apartments and four high-quality office suites. Internally, the property is further enhanced by period features.

Given the ongoing and particularly acute dearth of high-quality residential accommodation in Dublin 2 and its immediate environs, the opportunity presented by Number 22-22A is expected to attract interest from both Irish and international investors.

Over on Dublin's southside, meanwhile, QRE is seeking €795,000 for the premises of the renowned Ouzos seafood restaurant at 22 Castle Street in Dalkey.

The price being sought represents an attractive net initial yield of approximately 8.73pc.

Located in the heart of Dalkey village, Ouzos Restaurant extends to some 151 sq m (1,621 sq ft) arranged over ground and first floor. The restaurant enjoys an enviable reputation and counts a number of the area's famous residents among its patrons.

The property is let to PBR Restaurants Limited, trading as Ouzos Restaurant under a 35-year FRI lease from October 2004 at a current passing rent of €72,500 per annum. The lease also provides for upward only rent reviews every fifth year.

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