Dublin city centre investments guiding at €2.25m and €1.5m
21 Ormond Quay and 9 Eden Quay both in prime locations on north bank of River Liffey
9 Eden Quay is let on a 35-year lease from June 1, 2004, at a contracted rent of €108,000 per annum
Agent McNally Handy expects to see significant interest from investors in two properties it has brought to the market in Dublin city centre.
In the first instance, John McNally is guiding a price of €2.25 million for No 21 Ormond Quay and a portion of the adjoining building (No 20).
The second sale comprises No 9 Eden Quay at a guide price of €1.5 million.
Both properties are well-located along the north bank of the River Liffey.
No 21 Ormond Quay is a mid-terraced Georgian-style building and comes for sale along with the second and third floors of the adjoining building at No 20 Ormond Quay. The property extends to a total area of 570sq m (6,135sq ft).
No 21 comprises a four-storey over-basement mixed-use extended premises, the majority of which is fitted out as a guesthouse. The first floor is presented as a one-bed apartment, while the basement of the property is used for ancillary services.
The large extension to the rear of No 21 is made up of a two-storey extension which is fitted out and used as a health studio currently. No 20 is made up of two floors of residential guest accommodation.
The Eden Quay property is a mid-terraced Victorian-style building comprised of a four-storey over-basement commercial premises. The ground floor and basement of the building are fitted out and used as a casino and amusement arcade while the upper floors are laid out as offices.
The property is let to Starville Promotions Ltd on a 35-year lease dating from June 1, 2004 at a rent of €108,000 per annum. The lease incorporates upward-only rent reviews every five years, and there is no break option. Based on the property’s €1.5 million guide price, the purchaser can expect to secure a net initial yield of 6.63 per cent.
Both the Eden Quay and Ormond Quay properties are zoned Z5 under the Dublin City Development Plan 2016-2022. Uses permitted under this objective include: Bed & Breakfast, Amusement/Leisure, Education, Embassy, Hotel, Hostel, Guest House, Restaurant.