Bray complex for sale at €2m

A largely vacant retail and office development in need of upgrading and dedicated management at Dublin Road, Bray, Co Wicklow, is to be offered for sale at around €2 million by CBRE on the instructions of receivers WK Nowlan.

Ravenhall, a stand-alone development with two-storeys of offices, one of retail and a basement car park, was completed in 2008 just as the property market collapsed.

The complex is located at the junction of the Dublin Road and the Upper Dargle Road, opposite the former Industrial Yarns facility which is now partially occupied by a Lidl store.

Ravenhall has five retail units at ground floor level with an overall floor area of 980sq m (10, 548 sq ft). Two of the shops are let at a combined rent of €46,500, while the remaining three are vacant.

Upstairs only one office unit of 54sq m (590sq ft) has been let at a rent of €6,000, leaving a further 2,909sq m (31,321sq ft) vacant.

Some of the offices were previously used as a gym and are in need of refurbishment.

Stephen Aherne of CBRE says the sale offers an incredible opportunity for an asset manager to buy a cheap investment and turn it around through careful management.

He says that Ravenhall was built to a high standard with a number of notable external features including a sandstone curtain wall system, brise soleil and a feature arch at the eastern end of the building.