Fully let Dublin 8 site with scope for residential development guiding at €3.75m

Agent Harvey is guiding a price of €3.75 million for an investment/development opportunity at Silverdale on Herberton Road in Rialto, Dublin 8. Offers for the property will be considered on a straight-sale basis, or subject to planning permission.

The sale comprises two industrial warehouse and dry-storage buildings, measuring a gross external area of 2,882sq m (31,022sq ft) and located on a site of 0.6 hectares (1.5 acres), which is zoned Z10 under the Dublin City Development Plan 2022-2028. The objective of this zoning is “to consolidate and facilitate the development of inner-city and inner-suburban sites for mixed uses”.

The property was occupied for more than 30 years by G4S Securicor as its cash-counting base, before being vacated in 2018. It is occupied by Dublin Street Parking Services Ltd under two leases and Vodafone Ireland Ltd under a mast licence, generating a total rent of €173,000 a year. The leases run for seven years, from September 13th 2019, and contain mutual break options in September 2024, subject to serving six months’ written notice. Deeds of Renunciation have been signed in relation to both leases. The passing rent of €173,000 a year is well below market rent, offering reversionary potential at rent review in September 2024.

The Z10 zoning of the site promotes mixed-use development and, to this end, a feasibility study has been prepared by JFOC Architects, which proposes the development of a scheme arranged across two blocks and comprising 50 one- and two-bedroom apartments, along with 2,048sq m (22,045sq ft) of commercial space at ground and first-floor levels.

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Siobhan Convery of Harvey says: “As the viability of development land without planning permission becomes more and more challenging, this property provides an excellent opportunity for developers to de-risk their portfolios, by collecting income, which is highly reversionary, while having time to properly explore the planning prospects for the site and secure permission for the most feasible form of development.”