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Period south city properties on offer with appeal for investors, developers

Residential units with potential on for €2m

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City dwelling: 174 Rathgar Road, in Rathgar

City dwelling: 174 Rathgar Road, in Rathgar

City dwelling: 174 Rathgar Road, in Rathgar

Two adjoining Rathgar properties in Dublin 6 are being offered for sale in one or more lots with a combined guide price of more than €2m.

The properties are close to the Rathgar Collection which had been guiding €18.2m and has recently gone sale agreed.

The latest lots to come to the market include 174 Rathgar Road, a period house which extends to 281 sq m and is laid out in eight units. Ross Fogarty of Knight Frank is guiding more than €1.2m for this lot and says it could generate annual rents of €120,000, which would equate to an 8.2pc gross yield after allowing for the cost of a significant refurbishment.

Its residential units include four studios, three one-bedroom apartments and one two-bedroom apartment.

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Leeson Street Lower, Dublin 2

Leeson Street Lower, Dublin 2

Leeson Street Lower, Dublin 2

He also says that the guide price equates to a capital value of €516 per sq ft "which leaves significant potential for capital growth".

To its rear is the second lot comprising a 0.1-acre site with a 118 sq m bungalow and a 34 sq m garage facing on to York Avenue. Mr Fogarty is guiding in excess of €800,000 for this lot and says the site would be suitable for two mews houses or a multi-unit scheme subject to planning permission.

The neighbouring Rathgar Collection comprises 175, 175a, 176, 177 and 178 Rathgar Road which have gone sale agreed though joint agents DNG and BNP Paribas Real Estate Ireland. This collection comprises 61 purpose-built apartments, most of them in six period properties. In addition its one-acre site has potential for a residential development of as many as 44 additional apartments and a large mews.

Meanwhile in Lower Leeson Street, Dublin 2, agent Knight Frank has launched two adjoining Georgian investments which are currently generating a gross annual rent roll of €345,600 from student accommodation.

Ross Fogarty says the guide price in excess of €5.5m would equate to a gross initial yield of 6.28pc.

Located at 48 and 49 Leeson Street Lower, the two separate four-storey over-basement terraced properties extend to a combined gross internal floor area of 12,260.08 sq ft.

No 48 is arranged to accommodate 18 beds across 11 bedrooms and No 49 accommodates 17 beds across nine bedrooms. Each building has been fitted with a modern kitchen at basement level and modern bathrooms throughout. The property benefits from 11 secure parking spaces which are accessed from the rear.

Prior to their purchase about three years ago they had been inter connecting offices.

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