Malahide investment with prime residential potential guiding at €2.2m

Numbers 5 and 6 St James’s Terrace fully let and producing €133,920 in annual rental income

St James’s Terrace occupies a high-profile location at the heart of Malahide village in north Dublin

St James’s Terrace occupies a high-profile location at the heart of Malahide village in north Dublin

 

Agent Colliers is guiding a price of €2.2 million for a fully-let investment opportunity in the sought-after coastal town of Malahide, Co Dublin.

Numbers 5 and 6 St James’s Terrace are for the most part in office use currently, and let to 16 separate tenants at a passing rent of €133,920 per annum. The tenant mix includes the hugely-popular Jaipur Restaurant, Natural Organic, Sale Training Ireland, Avalanche Design and Vision Media.

The subject property comprises two adjoining three-storey over-basement Georgian buildings extending to a total of 8,911sq ft (gross internal area). The buildings are in excellent condition and have been superbly maintained by the current owners according to the selling agent, retaining many original features including decorative cornicing, ceiling roses, sash windows, shutters, and chandeliers.

No 5 St James’s Terrace includes a self-contained restaurant in the basement and a hairdresser’s on the ground floor. The basement and ground floor of 6 St James’s Terrace comprises individual office suites, and a gym. The first and second floors of the two buildings are interlinking and are laid out in a mix of individual office suites and consultation rooms.

While the property is currently in office use mostly, the agent says it could easily lend itself to conversion for hotel or residential use, subject to planning permission.

Malahide beach

In terms of their location, 5 and 6 St James’s Terrace occupy a prominent position in Malahide village. The property overlooks Malahide’s beach, yacht and tennis club and is situated within a short walk of a host of local amenities, including the village’s restaurants, boutiques, shops and cafés.

Malahide itself is well served by public transport with the Dart station just a two-minute walk from the terrace. Several Dublin Bus routes connect the village to the city, while Dublin Airport, the M1 and M50 are all in close proximity.

Colin O’Shea of Colliers says: “It’s rare for an opportunity like this to come to the market in Malahide. These buildings are in superb condition and have been immaculately maintained which further adds to the appeal of the investment opportunity. We expect to see strong interest from local investors looking for a prime piece of real estate in one of Dublin’s most affluent and sought-after coastal locations.”