Fix it: A shop/house in Blackrock
What is it? Everybody loves to lose themselves in a bookshop, but could you lose yourself in an interesting mixed-use investment proposition that involves one?
The property at 73 Main Street in Blackrock, Co Dublin, was built in the Edwardian mock-Tudor style. The three storey building may have been a private house when it was first constructed over a century ago. It currently has a well-known local second hand books outlet on the ground floor and there’s an arch to the side leading to a car parking space for narrower vehicles. Out back is a printworks which fills in the space where the back garden was originally. There are two floors overhead and this is currently laid out in rather run-down residential accommodation. The property has provided the classic old time scenario whereby the ground floor trader also lives over the shop.
Tell me more about the place...
The entire extends to almost 3,800 sq ft and would make for a combination of options. A new owner could convert the whole lot into a very large and distinctive house of character, subject to planning permission, and reinstate a front garden. The rear printing space could be levelled easily to reinstate the garden or the space incorporated to add even more residential area at ground-floor level with roof garden overhead. Other combinations include a two-storey residence house over a shop/restaurant or two decent-sized apartments over a shop.
The good news?
Trendy Blackrock is very popular for eateries, restaurants and boutiques, so a rent of around €35,000 per annum is possible from the ground floor unit. Overhead, two finished apartments in good nick could conceivably fetch €30,000 each per annum in the current space-strapped rental market. Those who have had it surveyed appear not to have reported any major issues with the roof.
And the bad news?
It will require a complete head-to-toe refurb with rewiring, replumbing and general refit throughout. You’ll need new kitchens, bathrooms and a heating system. If you want to develop the printworks, big building costs are required.
How much to buy it?
The property is on offer for €795,000.
And to fix it up?
Depending on what you want to do, the likely outlay is between €100,000 and €200,000.
What will I end up with?
An abode of character which earns its keep on the ground floor and keeps you swish above.
Who do I talk to? Herman White (01) 4966019 is selling.