Meath Street investment with 14 apartments for €3.75m
Fully-let retail and residential portfolio in Liberties does not include Grainger’s pub
The sale of 60-63 Meath Street includes a retail unit and the 14 apartments above Grainger’s pub.
Agent Cushman & Wakefield is guiding a price of €3.75 million for a fully-let mixed-use investment with potential for further development at the heart of the Liberties in Dublin 8.
Numbers 60-63 Meath Street is a part-three, part-four storey over-basement building comprising a ground floor over-basement retail unit at number 60, together with 14 apartments situated above numbers 60-63.
The apartment portfolio consists of three one-beds, eight two-beds and three three-beds. Three of the apartments have balconies. The entire property extends to about 1,052sq m (11,324sq ft).
Grainger’s – The Fountain Pub, which is located on the ground floor of 61-63 Meath Street, does not form part of the sale.
The subject property also includes a regular-shaped site to the rear extending to 405sq m which has the benefit of full planning permission for a 2½-storey residential development comprising five two-bedroom apartments. Access to the site is via Crostick Alley off Ash Street which runs parallel to Meath Street.
The property is fully-let producing an overall income of €244,756 per annum. The ground floor and basement are let to the Black Rose on a 10-year FRI (full repairing and insuring) lease with a passing rent of €25,000 per annum, with a mutual break option at the end of year three. The 14 apartments are fully occupied on standard short-term residential tenancy agreements at a combined passing rent of €219,756 per annum.
Numbers 60-63 benefit from a high-profile location on Meath Street, about 250m south of Thomas Street and 1.2 km west of St Stephen’s Green. The Liberties and wider Dublin 8 area are the focus of a significant regeneration effort which includes the planned development of the St James’s Quarter on a five-hectare (12.6-acre) portion of Guinness’s St James’s Gate brewery as well as the proposed redevelopment of Newmarket.
Meath Street itself is well served by the numerous Dublin Bus routes which operate frequent services along Thomas Street to the North and The Coombe to the south.