€1.4m for Bolton St property with student accommodation potential
Agents CBRE are quoting a guide price of €1.4m for No 50-51 Bolton Street, a mixed-use investment property with excellent potential for residential development.
The property, which is currently delivering rental income, is being brought to the market along with an in-fill development site (car park) of 0.03 hectares (0.06 acres) that is accessed from Henrietta Place.
The ground floor of 51 Bolton Street is rented out under a 20-year lease to Subway for a rent of €20,500 per annum, with a rent review due in the coming year.
While the adjoining ground-floor retail unit and the basement floor of 50 - 51 Bolton Street is currently occupied by Flynn Signs, it is understood the company will look to relocate to an industrial premises once the sale has closed.
This will allow a developer an opportunity to refurbish and seek an additional rent of approximately €40,000 per annum for the property.
The property's potential to deliver additional income is further enhanced by the existence of planning permission to convert the first floor offices of 50-51 Bolton Street into two new apartments.
In terms of its development potential, the site is zoned Z5 'Mixed Use' and should be able to accommodate a small, four-storey over basement apartment block/student accommodation block. There is planning permission in place for seven apartments and a basement floor for services, plus an additional two apartments within the existing front building.
The subject property is located in an established up-and-coming residential and student accommodation area adjacent to the King's Inns, the DIT's new campus at Grangegorman, the Ilac Shopping Centre, Smithfield, and the Mater Hospital.
The immediate area has seen strong demand from developers in response to the arrival of the DIT at Grangegorman. The property is less than a five-minute walk from the new facility, which is expected to accommodate 22,000 students and staff upon completion.
No 50-51 Bolton Street is also located close to the Quality Bus Corridor (QBC) on Parnell Street and O'Connell Street as well as the Air Coach. The new Broadstone and Dominick Street Luas stations on the new Luas cross city line are also to be found within a short walk.
CBRE say the property represents a city centre refurbishment and development opportunity which provides a developer with the scope to grow existing rental income while also developing a medium-scale residential development in an established and up and coming residential area with excellent transport links.