Monday 11 December 2017

Corner development on James's Street seeks €1.9m

Donal Buckley

A mixed use corner building at James's St, Dublin 8, is for sale with a €1.9m asking price.

Located at 48-50 James's St, on the corner with Echlin St, it comprises 15 apartments along with two ground floor retail units.

Agents Hooke and MacDonald point out that it has the potential to generate rental income of €175,000 a year and that the price would equate to less than €120,000 per apartment.

"When fully let at the above rents it would show a yield of over 9pc on the investment. Furthermore properties purchased in 2012 will be free of capital gains tax if held for seven years," adds Enda Moore of Hooke & MacDonald.

The building has recently been re-furbished and is in good condition ready for immediate letting.

The five-storey building comprises nine one-bedroom apartments and six two-bedroom apartments as well as two ground floor, retail units of 25sqm and 50sqm.

The larger retail unit is fully fitted and both have good frontage to James Street.

Located in a city centre area where there is good letting demand, Hooke & MacDonald anticipate achievable average rents of €850 per month for the one-bedroom apartments and €1,000 per month for the two-bedroom apartments being achievable, with a further €10-12,000 per annum likely to be achieved from the retail accommodation.

It is on a busy route to the city centre, adjacent to the famous St James's Gate Brewery, close to the entrance to St James's Hospital with its Luas Red Line stop and only about 350 metres from Heuston Mainline Train Station.

"The purchaser will have 100pc control of the building allowing it to be managed in a very efficient manner," Mr Moore adds.

Indo Property

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