Bolton Street building for around €3.25 million

Infill SiteWith apartment rents at an all time high in Dublin city centre, developers and investors are likely to be interested in a redevelopment opportunity coming on the market this week in Bolton Street.

Bannon Commercial is seeking offers around €3.25 million for Edel House, a large four-storey mixed-use building directly opposite Dublin Institute of Technology.

There is planning permission to convert the first floor from offices into two apartments. An apartment on the second floor and another one on the third floor are held on 500-year leases.

Whoever buys the property will be able to build up an attractive portfolio by adding a new five-storey over basement building at the rear of the site. There is full planning permission for the block which will have seven further apartments and seven car-parking spaces.

A new owner will also have the income from two shops on the ground floor and a basement which is used as a workshop.

The Bolton Street property is particularly well located close to a range of colleges and hospitals where there is a constant demand for rental accommodation. It is also within a few minutes walk of Henry Street, the Ilac Centre, Jervis Centre and King's Inns.