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Friday 19 September 2014

Three investments in Dublin put on the block for more than €4m guide

Published 24/07/2014 | 00:00

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Colliers are seeking €1.5m for this apartment block in Dublin
Colliers are marketing this investment property in Kilmacud

COLLIERS International has been instructed to dispose of St Nicholas House - an apartment block at Church Street in Dublin 7

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The three storey property comprises a block of 19 apartments - made up of a mixture of studios, one and two bedroom units.

According to Colliers, the block is of "good quality and modern standard".

St Nicholas House is located in Dublin 7 close to Dublin city centre. The building occupies a "prominent" position on Church Street close to the junction with North King Street.

The deal offers buyers a "prime letting location and a rare opportunity to acquire a modern uninterrupted residential investment in the city centre", said Colliers' Michele McGarry who is handling the sale.

"More and more of late, residential blocks are in demand with investors given the relatively low risk to the income stream, especially in prime areas such as this," she added.

She is seeking offers in the order of €1.8m which would represent a net initial yield of 9.3pc to an investor; or on individual terms an extremely competitive price of under €94,000 per unit.

Smithfield Square is located to the rear of the property and provides a wide array of shops, bars and restaurants.

One of Dublin's principal shopping districts, Henry Street is within walking distance together with O'Connell Street.

Kings Inn, The Law Library of Ireland, The Four Courts, DIT Bolton Street and DIT Grangegorman are all in close proximity.

The area is said to be "very well" served by public transport. Numerous Dublin Bus routes serve the area and the Luas red line has stops at both the Four Courts and Smithfield - both within a five minute walk of the property.

The Luas cross city will also have a stop at DIT Broadstone which is approximately 550m to the north of St Nicholas House.

Meanwhile Ms McGarry is handling two, mixed use suburban investments in Stillorgan, with an asking price of €1.2m and €1.1m respectively..

"The properties are well let with varying unexpired lease terms from 3.5 to 15.5 years. The combined income is €293,000 per annum, and the properties will appeal to investors looking for easily managed, commercial investments, with asset management opportunities in South Dublin," she said.

No 8 Lower Kilmacud Road is let to Ladbrokes Bookmakers and Gong Chinese Restaurant. Ladbrokes occupy the ground floor on a 35 year lease from 1988 with about nine years unexpired at a current passing rent of €102,00 per annum. The first floor is occupied by Gong Chinese restaurant on a 25 year lease from 2005 at a current passing rent of €24,000 per annum.

No 12 is let to Boyle Sports and Gleeson McGrath Baldwin Solicitors. Boyle Sports occupy the ground floor on a 25 year lease from 2005 at a current passing rent of €110,000 per annum, the rent will be reviewed in 2017.

The first floor is in office use, occupied by Gleeson McGrath Baldwin Solicitors on a 25 year lease from 1993 at a current passing rent of €20,000 per annum.

The properties are directly opposite the Stillorgan Shopping Centre.

Colliers are seeking offers in excess of €1.2m for No 8 Lower Kilmacud Road which represents a 10pc net initial yield and in excess €1.1m for No 12Lower Kilmacud Road which represents a net initial yield of 11.3pc.

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