Business Commercial Property

Saturday 24 August 2019

Liffey Portfolio with city centre and suburb units is listed for €11.75m

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Donal Buckley

Donal Buckley

A group of eight commercial properties in Dublin city centre and in three southside suburbs have been brought to the market with a €11.75m guide price.

Sales agents Savills has branded the group as The Liffey Portfolio, which currently generates a net passing annual rent of €487,500.

Stephen McCarthy of Savills says the lots offer potential to increase their combined rents to €850,000 after the vacant elements are leased and forthcoming rent reviews are completed, offering the purchaser a prospective gross income yield of 7.23pc. Some also have development potential.

The city centre properties comprise 23, 31, 34 and 35 Liffey Street Upper as well as 32 and 34 Liffey Street Lower. Located on one of the city's busiest retail streets, these single and two-storey premises include three vacant units with potential.

In Blackrock Village, 23 Rockhill consists of two tenanted, split level, retail units and a fully fitted, vacant own door first-floor office with sea views.

One of these retail units is leased to Permanent TSB bank with a passing annual rent of €150,000. The other retail unit is leased to Fine Bottles Ltd trading as Blackrock Cellar at a passing annual rent of €60,000. The building is also considered to have potential for an additional two floors of offices.

In Dublin 6, the two-storey 232 Rathmines Road Lower is located next to Starbucks at the Swan Shopping Centre. Its ground floor portion was recently let to Oxfam for 20 years at an initial rent of €77,500 per annum with a pre-agreed fixed increase to €85,000 effective from 2022.

A vacant two-storey restaurant building at 27 Ranelagh village, facing SuperValu, completes the portfolio.

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