Parkgate Street site at €7m offers prime pitch at heart of Dublin 8
‘Strong interest’ expected as investors pour into Heuston Station area
As the focus of investors moves from the Dublin docklands to Dublin 8, Finnegan Menton expects to see strong interest in a 0.77 acre (0.31 hectare) development site on Parkgate Street, which it has brought to the market.
Nicholas Corson, who is handling the sale, is seeking offers in excess of €7 million for the property which occupies a prime position directly across from Heuston Station and the Luas.
The property is tenanted by Westbrook Motors and The Natural Bakery. Both businesses will continue to trade there until the expiration of their respective leases towards the end of 2022.
The property currently comprises a motor showroom with ancillary offices and workshop, and an adjoining vacant two-storey office building and forecourt all extending to a gross internal area of 1,287.6sq m (13,860sq ft) at 23/24 Parkgate Street.
A two-floor car park to the rear of Westbrook Motors links the property to 29 Parkgate Street which is a two-storey retail shop extending to 196.5sq m (2,115sq ft) occupied at ground floor level by The Natural Bakery
The entire is producing annual rental income of €53,900 with the potential to increase this with the letting of vacant offices.
Corson describes the site as being “ripe for redevelopment”, subject to planning permission, for a range of alternative uses including residential, shared living, aparthotel, hotel, retail, or offices.
The property’s potential is borne out by its close proximity to a number of key developments in the area such as “St James’s Quarter”, Diageo’s 12.6 acre regeneration project which is due to be delivered at the St James’s Gate home of Guinness.
Other major schemes set for the Heuston Station area include developer Joe O’Reilly’s planned redevelopment of the landmark Hickeys site immediately opposite the Westgate Motors premises on Parkgate Street. O’Reilly’s Chartered Land acquired the 1.65 acre (0.67 hectare) holding for €30 million last year.
More recently, the Longford-born developer teamed up with Henderson Park Capital to acquire the nearby Heuston South Quarter (HSQ) campus from US property giant Marathon Asset Management in a deal valued at €222 million.