Two adjoining properties offer both investment and development potential
TWO adjoining properties with investment and development potential in Blackrock, Co Dublin, have been brought to the market by agents QRE with a €2.1m guide price.
The lot comprises two three-storey premises known as 27 to 29 and 31-33 Carysfort Avenue, which are close to the junction with Blackrock Village. It includes the former Dark Horse pub, the premises occupied by Churches Estate Agents, as well as 18 small office units and two apartments.
Bryan Garry, of QRE, says its guide price reflects a net initial yield of 6.5pc based on passing annual rent of €149,000. This could be increased further as the pub is vacant as are a number of the small office suites on the upper floors.
He says that if these were let the rental income could increase to €220,000, which would generate a reversionary yield of about 9.65pc.
The pub occupies the 3,800 sq ft ground floor as well as a front, railed seating area at numbers 31-33, but its drinks licence has lapsed. It is located on a key route between Dún Laoghaire and Stillorgan, and is also close to Frascati Shopping Centre and Smurfit Business School. It may also interest developers as its 0.2-acre site is zoned residential.
From an investor's perspective, the upper floors over the pub accommodate a two-bedroom and a three-bedroom apartment which are both let and generate a combined €43,200 in annual rent. Also overhead are nine office suites with communal kitchen, meeting room and toilet.
Next door 27-29 has its ground floor let to Churches Estate Agents while the upper floors are also set out in nine office suites.
Of the total 18 suites, nine are let and generating €63,600 in rent.