While the Covid-19 pandemic continues to sow uncertainty both in the commercial property market and in the economy more generally, a number of private investors have taken the opportunity to acquire assets in Dublin’s core central business district and beyond.
In the past several weeks alone, agent Cushman & Wakefield completed the sale of 50 Upper Baggot Street, 58 Fitzwilliam Square and 58 Pembroke Lane along with several further disposals.
50 Upper Baggot Street comprises a mid-terrace mixed-use investment opportunity divided between commercial use on the ground floor and three floors of residential accommodation. The property is located adjacent to Tesco, AIB, Searson’s and Eddie Rockets to the south of Baggot Street bridge, and is just metres away from the junction with Eastmoreland Place. The total floor area of the property is 244.44sq m (2,631 sq ft) comprising Miller’s Pizza Kitchen on the ground floor and three apartments on the upper floors.
The total annual rent receivable of the entire property is €127,000 per annum and the sale completed a couple of weeks ago for in the region of €1.75 million. Peter Love of Cushman & Wakefield acted on behalf of the vendor while Nigel Kingston of Lambert Smith Hampton acted on behalf of the private purchaser.
58 Fitzwilliam Square and 58 Pembroke Lane comprise a mid-terrace four- storey over-basement Georgian building with a mix of residential and office accommodation along with a mews to the rear currently laid out as four studios. 58 Fitzwilliam Square extends to 440sq m (4,736 sq ft) while the mews extends to 118sq m (1,266 sq ft).
While both properties benefit from their original features, they will require significant refurbishment and upgrading which, it is estimated, could cost upwards of €1 million. The sale of the property to a private purchaser was completed recently for around €2.3 million.
Cushman & Wakefield have also completed the sale of a number of smaller lot sizes recently. These included the disposal of 165 Lower Kimmage Road (retail unit with two apartments overhead) for circa €440,000 and completed a number of Bradley’s Pharmacy sale-and-leasebacks in Drogheda, Dunleer and Carlingford ranging in value from €260,000-€520,000.