Blackrock village investment at €3.5m comes with scope for further development

Property at 23 Rock Hill currently delivering €210,000 in annual rental income

23 Rock Hill is located directly opposite Blackrock Shopping Centre and adjacent to Blackrock Dart station

23 Rock Hill is located directly opposite Blackrock Shopping Centre and adjacent to Blackrock Dart station

 

Stephen McCarthy of Savills is guiding a price of €3.5 million for a high-profile mixed-use investment in the affluent village of Blackrock, in south Dublin.

Situated directly opposite Blackrock Shopping Centre and immediately adjacent to Blackrock Dart Station, 23 Rock Hill comprises two substantial split-level retail units while the upper floor provides for a fully-fitted vacant own-door, open-plan office of 303sq m (3,261sq ft) with unobstructed sea views.

One of the ground-floor retail units is leased to Irish Permanent TSB plc for a term of 35 years from February 1st, 1987, subject to a passing rent of €150,000 per annum, while the adjacent retail unit is let to Fine Bottles Ltd T/A Blackrock Cellar Fine Wines for a term of 12 years from February 22nd, 2012, at a passing rent of €60,000 per annum.

Planning permission

A feasibility study prepared by JB Barry & Partners Consulting Engineers suggests that the property’s existing superstructure could, subject to planning permission, support an additional two floors, significantly increasing the building’s floor area, and alternative use potential. Copies of the study will be made available to interested parties upon request.

The subject property is zoned DC – “District Centre” under the terms of the Dún Laoghaire Rathdown Development Plan 2016 - 2022. This designation allows for the development of offices and commercial leisure use.