Commercial Property

Wednesday 30 July 2014

€1.5m for apartments and retail in Dublin city centre

Published 03/07/2014|00:00

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KnightFrank are quoting €1.5m for the Wellington Hall apartment devleopment.
KnightFrank are quoting €1.5m for the Wellington Hall apartment devleopment.

KNIGHT Frank have been retained as agents to sell apartments at Wellington Hall in Dublin with an asking price of €1.5m.

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The agents say Wellington Hall is a "an attractive period property investment" offering a selection of one and three bedroom apartments, with two separate ground floor retail units, in the heart of the city centre.

The buildings comprise eight one bedroom apartments, one three bedroom apartment and two ground floor retail units. Both retail spaces are some 2,000 sq ft.

All units are currently tenanted, generating an income of €131,190 per annum. Access to the building is from Wellington Quay, directly facing onto the River Liffey. The building is in the heart of Temple Bar, adjacent to The Clarence and The Morrison Hotels. The property benefits from "excellent" transport links -Dublin Bus routes, the Dart line, LUAS Red and Green Lines and Heuston and Connolly train stations are a short walk away. The Jervis stop on the LUAS red line is a few minutes' walk away, St Stephen's Green stop on the Green line, as well as Heuston and Connolly Stations are all within 15 minutes' walk. The building was extensively refurbished c. 1992 and is presented in good order.

The apartments are serviced by an elevator and the building has an extensive roof garden.

Knight Franks say the asking price would provide a prospective purchaser with "an attractive 11.43pc gross return from the existing rents".

While the property is currently fully occupied the agents suggest that current rental levels provide room for growth.

This is the latest in a number of city centre apartment developments in Dublin city centre that have come on the marke in recent months, as sellers look to take advantage of rising prices for commercial property in the city, especially for fully tenanted properties.

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