Building at intersection of Dawson Street and Stephen’s Green for sale
Mixed-use period building, including three shops and four apartments, guiding €6m
The five-storey over-basement block includes three shops at street level and four spacious apartments on the upper floors
Marguerite Boyle of Savills is handling the sale of the five-storey over-basement block, which includes three shops at street level and four spacious apartments on the upper floors. The investment, to be sold on behalf of private investor SW3, will show a return of 5.15 per cent.
The same syndicate bought the block towards the end of 2003 for almost €3 million and spent a considerable sum upgrading it and converting two floors of offices into apartments. The range of improvements allowed the new owners to increase the overall rent roll by almost a third.
The three current retail tenants, Tang, Sunglasses.ie and Amuse, share an overall floor area of 214sq m (2,310sq ft), including space at basement level. The businesses contribute €155,000 towards the rental income. Two of the three retail premises have alternative planning approval for use as a cafe or restaurant, so there is scope to change the businesses at any time.
The four upgraded apartments spanning each of the upper floors are targeted at the corporate sector and produce a rental income of €168,000. There is a lift serving all floors and a landscaped roof garden offering superb views over the city centre. Each apartment is let to a single occupier on recently agreed five-year leases, an arrangement that requires minimal management intervention.
The Dawson/Molesworth Street area is undergoing major changes at the moment, with three new office developments due to deliver more than 18,580sq m (200,000sq ft) of office space over the next two years.