Dublin 8 investment with scope for income growth sells for €300,000

Ground floor of 45/46 Thomas St is let to Ladbrokes, producing rent of €21k per annum

The property at 45/46 Thomas Street has dual frontage on to Thomas Street and Meath Street in Dublin 8.

The property at 45/46 Thomas Street has dual frontage on to Thomas Street and Meath Street in Dublin 8.

 

The ongoing regeneration of Dublin’s historic Liberties coupled with the opportunity to secure a highly-reversionary investment saw significant interest in the sale of the ground floor unit of No 45/46 Thomas Street.

The subject property, which is fully-let to Ladbroke Ireland on a 10-year lease from January 2013 at an annual rent of €21,000 secured a price of €300,000.

The price achieved by Colliers International equates to a net initial yield of 6.36 per cent and a capital value of € 268 per sq ft after allowing for standard purchaser’s costs.

The property at 45/46 Thomas Street has dual frontage onto Thomas Street and Meath Street. This is a busy central location in the heart of Dublin 8 which is the focus of a significant regeneration effort which includes the planned development of the Guinness Quarter at St James’s Gate Brewery, as well as the construction over the coming years of 1,380 new homes on the Player Wills and Bailey Gibson site on South Circular Road. The area has also experienced a surge in office and hotel developments recently including Oakmount’s new developments at Sixty-One Thomas Street and the new Hyatt Centric on Dean Street.

Colin O’Shea, who handled the sale on behalf of Colliers International said: “We are delighted with the outcome of this sales process considering the fact that the property was brought to the market during the Covid-19 pandemic. The level of interest reflects the strength of this location which has now become one of the most sought-after areas in Dublin”.