€2.3m for Dawson St block

With Irish investors now clamouring to buy well located commercial properties priced under €5 million, GVA Donal O Buachalla is expecting a high level of interest in a mixed-use block of properties at the junction of Dawson Street and St Stephen's Green in Dublin 2, which are to be sold by private treaty.

Fergal Burke of the selling agents is guiding €2.3 million for three shops and overhead office and residential accommodation at 22-23 Dawson Street which will give new owners a return of 7.4 per cent.

Separately, O Buachalla is also selling a large period building divided into apartments and offices on Pembroke Road in Dublin 4 and two mews building off Baggot Street in Dublin 2.

The Dawson Street property is located at one of the busiest street corners in the city where there is a constant demand for retail units.

The overall property extends to 572sq m (6,160sq ft) and is producing a rent roll of €177,700 per annum. There are three retail units at street level, Harry’s Cafe, Sunglasses.ie and the Red Rose Café which have rents ranging from €430 to €807 per sq m (€40 to €75 per sq ft).

Offices on the first and second floors are rented by Jameson Film Festival and have a independent entrance off Dawson Street.

There is also an apartment on each of the two top floors with access to a private roof terrace which has panoramic views over much of the south inner city. The two-bedroom residential units are on the spacious side with floor areas of 106sq m (1,100sq ft) which attract rents of €1,800 per month for each of them.

O Buachalla is quoting €1.9 million for 19 Pembroke Road, a three-storey over basement house with a four-storey return along with a two-storey extension to the side.

The house is located on the southern side of the road between its junctions with Wellington Road and Raglan Road. The current rent roll of €153,600 will provide a net initial yield of 7.7 per cent after acquisition costs are taken into account. The house is divided into 14 pre-63 units, all of them in residential use with the exception of three which are rented as offices.

The selling agents say the house is in excellent condition, having been well maintained over the years and partially refurbished some time go. There are 14 car-parking spaces at the front of the house and a mature communal garden to the rear.

The third lot being launched by O Buachalla involves two mews building located within a small courtyard beside Lad Lane off Lower Baggot Street. A third building in the same courtyard is occupied by L’Ecrivain restaurant.

A price of €150,000 is being sought for a two-storey open plan building with a floor area of 55.3sq m (595sq ft). The second two-storey mews building with a price tag of €230,000 has an overall floor area of 85.75sq m (923sq ft).