Tuesday 15 October 2019

Surge of interest as Capel Street sees €4.3m in deals

Vacant retail facilities: 51-52 Capel Street sold for €650,000 more than expected
Vacant retail facilities: 51-52 Capel Street sold for €650,000 more than expected
Donal Buckley

Donal Buckley

The resurgence of interest in Capel Street and the surrounding area of Dublin city centre was reflected in four recent commercial deals at prices ranging from €440,000 to €2.85m, and totalling more than €4.3m.

The most valuable of them was a mixed-use investment property at numbers 51 and 52, which sold for around €2.85m. That was significantly higher than the €2.2m quoted by agents Turley Property Advisors.

A substantial four-storey-over-basement building, it has a total floor area of more than 486sq m (5,235sq ft). Vacant retail facilities on the ground, basement and part of the first floor were previously used as a restaurant and karaoke club.

The residential part of the building - based in the rear of the first floor, along with the entire second and third floors - had been fitted out as seven flats that vary in size and condition. These comprise five two-bedroom flats, four one-bed units and a one-bed studio facility.

Turley, who were selling it on behalf of a receiver, estimated that when fully let it should bring in around €300,000 in annual rent.

The building is located on the eastern side of Capel Street and has a rear access from Jervis Lane.

Possibly because of its proximity to Temple Bar, Henry Street, the Red Luas line and surrounding apartment blocks, Capel Street is one of the busiest streets on Dublin's northside. In recent years, it has attracted a number of trendy restaurant and bar operators, including PantiBar and Brother Hubbard.

Also on the eastern side of the street, DNG has agreed a deal for the sale for around €440,000 of Johnny Eagle's tattoo parlour, following the death of its owner.

Located at 82 Capel Street, the four-storey property was described by agent Vinny Mullen as a "fantastic refurbishment opportunity", as it needs substantial renovation. It retained a number of original features, including its timber shop front facade, while the three upper residential floors have brown brick walls laid in a Flemish bond. Its latest purchaser is believed to be a private investor who owns a number of properties on the street.

Close to the northern end of Capel Street, a mid-terrace, three-storey, mixed-use property at 12 North King Street recently sold for €565,000 - €115,000 over DNG's guide price. Vacant at the time of the sale, the pre-'63 property had a retail unit at ground floor and three self-contained residential units, comprising two studios and a one bedroom apartment overhead. It had been well maintained.

Nearby at 18/19 North King St, retiring solicitor Chris Ryan sold his office property to another solicitor for about €525,000. Extending to 168sq m (1,808sq ft), this three-storey building accommodated a ground floor reception, office rooms on the ground and first floors, two kitchens and bathrooms, and a two-bedroom apartment on the second floor.

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