Dalkey mixed-use investment for €2m

One retail unit and four apartments are occupied and producing rent of €78,100

 

A mixed use residential and retail building in the centre of Dalkey, Co Dublin, is expected to be of interest to private investors when it goes on sale today by private treaty.

Joint agents JLL and Lansdowne Partnership are guiding €2 million for the modern building, Blue Court, at 2 Convent Road and 19/20 St Patrick’s Road which has four two-bedroom duplex units, two two-bed townhouses and three retail units ranging in size from 38sq m to 58sq m (410/625sq ft).

Four of the six apartments and one of the three retail units are occupied and producing a rents of €78,100. The selling agents say there is potential to double the income by leasing the vacant units and engaging in further asset management. There are nine car parking spaces on site. The selling agents say the €2 million asking price reflects an average value of about €295,000 for each of the residential units and €75,000 for each of the three retail buildings. By comparison other two bedroom apartments in Dalkey are selling at €375,000 to €425,000. The agents say the successful investor could consider selling off the properties individually or capitalising on the continued rental growth in the Dalkey area.

The sale is being handled by Laura Torpey of JLL and Darragh Brady of Lansdowne Partnership.