Price cut on Townsend Street mixed-use investment

‘SOBO’ redevelopment or investment opportunity in Dublin city now asking €2.75m

88-92 Townsend Street, a city centre mixed use investment

88-92 Townsend Street, a city centre mixed use investment

 

The asking price on a mixed-use investment on Dublin’s Townsend Street has been cut to €2.75 million, from the previous guide of €3 million.

According to selling agent TWM, the new price provides the purchaser with an initial net yield of 7.5 per cent off an income of €227,000 a year.

Given the recent increases in building heights in the area around Townsend Street and Windmill Lane, the mainly three-storey, mixed-use investment at 88-92 Townsend Street in Dublin 2 could make either a ready-let investment, or a redevelopment opportunity.

The property occupies a prime corner site with elevations to Townsend and Creighton streets, just opposite the Westland Square apartment development.

It is beside the new offices of Hub Spot and within the renamed SOBO district – SOBO stands for South of Beckett O’Casey, the two landmark Liffey bridges in the area.

Number 88-92 Townsend Street is currently fully let to Darmody Architecture, City Break Apartments and the offices of the the Irish National Organisation of the Unemployed. The three tenancies combined produce a current annual income of €227,000.

According to Ryan Tyrrell of TWM, the opportunities provided by the property, allied to its prime location, make it an attractive proposition for a variety of potential parties.

The investment prospect has “great asset management angles”, he said, as well as redevelopment or refurbishment possibilities.

“The property can provide an income whilst development is planned or remain as a strong investment” he added.

The location is ideal for commuters being only a five-minute walk to both Dart and Luas and 14-minute walk to Connolly Station.