Three properties have come to the market with investor and redevelopment potential in Phibsborough, Dublin 7.
The largest of these extends to 0.21 acres which includes two mixed-use terraced buildings at 168-169 Phibsborough Road just to the south of the village's main cross roads. Knight Frank is guiding €1.3m.
Meanwhile, to the west of the village near St Peter's Church, agent DNG is offering two adjoining, mixed-use terraced properties for sale in separate lots.
The larger of these two is 296B North Circular Road, which extends to 182 sq m and has a €445,000 guide price. Its neighbour, 296C North Circular Road, extends to 135 sq m and DNG is guiding €375,000 for this lot.
The property at 168-169 Phibsborough Road includes two mixed-use terraced buildings, a warehouse building and yard to the rear with access provided by way of a gated laneway under part of 168 Phibsborough Road.
Its development potential is reflected in the Dublin City Development Plan 2016-22 which has the site zoned Objective Z4 which would allow provision for "and improve mixed-services facilities".
Architects Reddy Architecture + Urbanism has completed a feasibility study which identified potential residential and student accommodation schemes for the site subject to planning permission.
Such projects could include a 71-80 bed student accommodation scheme with ground floor café or a scheme of 29 Build-To-Rent apartments with a ground floor retail unit.
It envisages the schemes as comprising two blocks, ranging in height from three storeys fronting onto Phibsborough Road up to five storeys at the rear of the site, which adjoins the side of the 19-metre high former furniture warehouse and former cinema building to the east on North Circular Road.
Additionally, as the site is less than 0.1 hectares there would be no Part V obligation requiring a developer to provide social and affordable residential units to the local authority.
Robert Wilson, of Knight Frank, commented: "The property represents an attractive infill development opportunity situated in a highly sought-after location with envious amenities and public transport links. Given the site's proximity to the city centre and Technological University Dublin at Grangegorman, as well as the significant employment being generated in the area, we would anticipate strong interest in the property".
At least part of the property on Phibshorough Road appears to also lie in the area designated for Living City Initiative (LCI) tax reliefs for refurbishment of old properties. LCI allows taxpayers to recover some of the refurbishment costs against income tax where the properties are offering rented residential accommodation or certain types of commercial or retail accommodation. Properties immediately fronting onto both sides of the Phibsborough Road to the south of the village appear to be the only Phibsborough properties that would qualify for such tax relief.
Also to qualify, LCI properties must also be old and below certain sizes so it would be necessary for any prospective purchaser to consult with Dublin City Council as to how much if any of this lot would actually qualify. LCI refurbishment work must also be completed before the end of 2022 while the costs would be reclaimed against tax over at least seven years.
Finance Minister Paschal Donohoe TD, who represents this area of Dublin, has previously extended the timescale for this LCI urban renewal programme so it might well be extended again if he has any influence on the next government.
Meanwhile, to the west of Phibsborough village, 296B North Circular Road extends to 182 sq m and has a €445,000 guide price. Laid out over three levels its accommodation includes two offices or two living rooms as well as a kitchen at ground level. Upstairs laid out over two floors comprises of a fully fitted kitchen, living room, three bedrooms and main bathroom. It has rear access from Great Western Avenue and Avondale Road.
In 2014, it was refurbished and rewired. Selling agent Vincent Mullen of DNG estimates that it could generate annual rent of €54,000.
Its neighbour, 296C North Circular Road, extends to 135 sq m and has a €375,000 guide price. This two-storey property includes entrance porch, shop front, storage rooms, extended kitchen and interconnecting hallway.
Its upstairs is accessible from the ground level porch and has four bedrooms and bathroom facilities. It also has a walled yard to its rear.
It is 100 metres from the new Phibsborough Luas stop and 600 metres from Grangegorman.
All three properties are convenient to Phibsborough village and shopping centre as well as the Mater Hospital, Dalymount football grounds, Croke Park and Dublin city centre.
When TU Dublin's nearby Grangegorman Campus is completed it will have a population of over 20,000 students and 2,500 staff. Furthermore, Phibsborough village itself is home to Phibsborough Shopping Centre and a wide range of popular restaurants and bars.
The properties also benefit from excellent public transports links being situated within 500 metres of the Phibsborough Luas Stop on the Green Line, which provides easy access to places including O'Connell Street, Trinity College, St Stephen's Green and Sandyford, while numerous Dublin Bus services operate along both the Phibsborough Road and North Circular Road.