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Crafted by 4Property.


Price
€1,550,000

Type
Commercial

Status
For Sale

Area
505 sq.m.

Location
Dublin 2

Description

INCOME OR REDEVELOPMENT OPPORTUNITY

LOCATION, LOCATION, LOCATION!

AVAILABLE WITH VACANT POSSESSION OF UPPER FLOORS FROM JULY 1st 2021
(GROUND FLOOR TENANT NOT AFFECTED)

7 D'Olier Street, completely renovated in 2014-2015, comprises a five storey over basement mid-terrace period property. The property incorporates retail use at ground floor level together with an office, storage facilities, a kitchenette and toilet facilities located at basement level. The ground floor retail has excellent display frontage on to D'Olier Street - one of Dublin's premier streets - and is just 50 metres from O'Connell Bridge.

The 1st & 2nd upper floors are currently in office use and are divided into two to three offices per floor. They are dual aspect, bright, spacious and benefit from excellent natural light coming into the well-lit hallway and stairwells throughout the building.

The third floor has an office to the front and also accommodates a kitchenette and ladies & gents toilet facilities. The fourth floor is in office use. Also, a new roof was fitted on the building in 2016.

The offices benefit from a mix of Georgian period features and modern specifications including newly renovated and decorated plaster and painted walls and ceilings, suspended tube lighting and carpeted flooring.

The building is BER exempt. The property is listed as a protected building in the record of Protected Structures and D'Olier Street is within an architectural conservation area under the Dublin City Development Plan.

Accommodation:

The building has a Gross Internal Area (GIA) of 505 SQ Mtr or 5,436 Sq Ft - equivalent to a capital value at the asking price of just 285 PSF.

Within this, the accommodation comprises the following approximate Net Lettable Area (NLA):
Ground Floor 84 Sq Mtr 904 Sq Ft
Basement Floor 74 Sq Mtr 796 Sq Ft
First Floor 61 Sq Mtr 657 Sq Ft
Second Floor 61 Sq Mtr 657 Sq Ft
Third Floor 41 Sq Mtr 441 Sq Ft
Fourth Floor 60 Sq Mtr 646 Sq Ft

Total: 381 Sq Mtr 4,101 Sq Ft

The office 'as is' with 223 Sq Mtr or 2,400 Sq Ft of NLA could be let at 30 PSF (Market Rent) that equates to 72,000 per annum and a gross income of 112,000 per annum for the entire building. This derives a gross yield of 7.226%.

The other possibility is to change the use of the upper floors to residential - it is envisaged 4 x 1 bed apartments may be within planning guidelines. Fully let @ a market rent of 2,000 per apartment per month, this gives a total rental income of 96,000 for the residential element or 136,000 including the commercial tenant.

Further details regarding the retail lease, the office space and/or the redevelopment opportunity can be shared upon request.

Location:

D'Olier Street is an excellent city centre location linking O'Connell Street, Dublin's principal thoroughfare on the north side of the city, to Pearse Street and College Green/Grafton Street on the south side. The cross city LUAS runs parallel to D'Olier on Westmoreland Street that is only a two-minute walk away while Tara Street DART station is within a 5-minute walk.

Dublin City Council plans to make D'Olier Street a two-way road that will benefit the retail operators on the street. There are numerous bus termini located on the street adding further to pedestrian footfall and profile.

The property enjoys a prominent position in this well-established location providing excellent amenities including hotels, restaurants, bars, banks and cafes to cater for all staff and client needs.

Notable occupiers in the immediate vicinity include: Trinity College, The Times Building, The Gas Caf, Starbucks, Spar and The Westin Hotel.