An office investment property with development potential in Glasthule, south Dublin, and a warehouse investment property in Finglas will be auctioned by QRE Real Estate Advisers on the Offr auction platform in early December.
The office investment at 1-4 Adelaide Road, Glasthule, comprises a three-storey standalone building extending to 10,750 sqft and it has a €1.95m guide price for auction on Decembe r.
Fully let to Houlihan Cushnahan & Co at a contracted rent of €107,250 per annum, its 20-year lease dates from September 2007, with expiry due in August 2027. At the guide price that equates to a gross initial yield of 5.5pc. There are tenant-only break options in 2024 and 2026 and an outstanding rent review dated 2022 could be actioned by an incoming investor.
QRE is selling on behalf of a receiver.
Harry Byrne of QRE points out that its development potential is reflected in its zoning as Neighbourhood Centre in the Dún Laoghaire-Rathdown County Development Plan 2022- 2028 which would permit development of assisted living accommodation, education, guest house, healthcare facility and residential. Uses which the planners may also consider include: residential build- to- rent and student accommodation.
It adjoins the car park of the newly opened Greedy Eagle pub, formerly The Eagle House pub, which was offered for sale last year by the Loyola Group, seeking €2.8m. However, Loyola changed their minds, took it off the market and opted instead for a substantial revamp and rebranded it as the Greedy Eagle.
QRE will also auction Unit 9 Finglas Business Centre, Jamestown Road, on December with a €550,000 guide price which would equate to a 7pc net initial yield.
It was recently let to Latsia Limited trading as Elegant John Bathrooms on a 15-year lease from July 2022 at a passing annual rent is €42,500 ( about €8.50 per sq ft) and is to be reviewed to market rent after the fifth year. Tenant- only break options can apply in years five and 10 .
A mid-terraced warehouse facility, it extends to 4,997 sq ft and comes with a further 1,249 sqft. of office accommodation/ showroom space within the unit, over the ground and first floors.