Wednesday 21 March 2018

Prime properties in Grafton Street area for €2.5m & €900k

25 South Frederick Street
25 South Frederick Street
Ronald Quinlan

Ronald Quinlan

Agents Weir & Conway are guiding a price of €2.5m for the freehold interest in No 46 Drury Street, a three-storey over basement retail building in the heart of the Dublin's prime city centre shopping district.

The private treaty sale, which is being handled by Eoin Conway, represents the first time the property has been brought to the market since 1999, when it was acquired at auction for €1.15m (IR£910,000) - or 34pc more than its €762,000 (IR£600,000) guide price.

The price paid in 1999 was made all the more remarkable by virtue of the fact that the building was in need of complete refurbishment.

The necessary works were carried out by its current owners.

Today, the property is arranged over ground, first and second floors with a net internal area of 3,500 sq ft.

Earlier this year full planning permission was granted for a change of use to include a licensed restaurant and performance venue.

Agent Eoin Conway believes the building, which is located within a two-minute walk of Grafton Street, will be of interest to both investors and owner occupiers in the retail and leisure market. Should its new owners decide to let the premises, Conway maintains it has the potential to command an annual rent of up to €200,000.

Elsewhere in Dublin 2 and also within a short walk of Grafton Street, agents Kelly Walsh are guiding a price of €900,000 for No. 25 South Frederick Street.

A four-storey over basement Georgian property, No. 25 is presented in excellent condition, fully- occupied and generating a combined income €68,500 from two separate tenancies, with significant scope for uplift in rental income.

The building's ground, first, second and third floors are let currently to Campbell Jewellers on a four year and nine month lease from November 2015. This is producing rental income of €61,000 per annum.

The basement tenant is over holding and currently paying rent of €7,500 per annum.

The top floor comprises a two-bedroom apartment which has been sublet by the leaseholder.

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