Investors looking for a well-located opportunity at an attractive price and with asset management potential may be interested in the sale of 28 Denzille Lane in Dublin city centre.
Located just off Holles Street and to the rear of Merrion Square, the subject property comprises a mews office building with 2,834sq ft over two levels. There is an internal garage space with parking for 2 cars bringing the gross area to approx 3,778sq ft. The property is being offered for sale by agent HWBC at a guide price of €1.25 million, excluding VAT.
The building is occupied by Cineflix Ltd on a five-year full repairing and insuring (FRI lease) from December 2017 at a passing rent of €63,024 per annum. The tenant has signed a deed of renunciation of renewal rights, leaving the option for vacant possession if required.
In addition to asset management options to renew the lease or obtain vacant possession, there may be an opportunity, according to the selling agent, to substantially redevelop the site (subject to planning permission) with additional yard space (510sq ft) to the rear.
Paul Scannell of HWBC says: “Number 28 Denzille Lane provides an excellent opportunity for investors, developers or owner occupiers to purchase an asset in a prime Dublin 2 location and close to both Holles Street hospital and Merrion Square.
“In an era of high inflation and negative interest rates, we expect strong interest from investors seeking to deploy capital to the commercial real estate sector at an attractive entry level.”