South Dublin mixed-use investment guiding at €850,000
Apollo Buildings in Dundrum have scope for income growth and future redevelopment
The Apollo Buildings are close to the Dundrum Luas green line stop
Developers and investors looking for longer-term opportunities in the capital will be interested in a highly-reversionary mixed-use investment which has been brought to the market in the south Dublin suburb of Dundrum.
Known locally as the “Apollo Buildings”, the subject property comprises a substantial holding in a pivotal location on the Dundrum Road in close proximity to both the Dundrum Luas green line stop and Dundrum Town Centre.
The buildings extend across a total area of 9,700sq ft and comprise a retail component (occupied by Human Appeal and the Village Vets), first-floor offices and a large lock-up unit at lower ground-floor level together with 30 car parking spaces. The total contracted rent from the property at present is €42,500 per annum with vacant possession of the majority of the lower ground-level lock up. The Village Vets, a veterinary practice established in 1980 with multiple premises in the greater Dublin area accounts for €22,500 of the contracted rent with lease expiry in December 2022. The balance of the rent (€20,000) is attributable to Human Appeal, whom are in occupation by way of an informal tenancy.
The lower ground-floor level is accessed via a ramp between the Circle K filling station and The Sue Ryder Foundation building (which does not form part of the sale). This leads to the lock-up space (about 3,700sq ft) which is accessed via two roller-shutter doors. The substantial car parking component at this level is included in the sale.
QRE Real Estate Advisers are quoting a guide price of €850,000 for the entire property which equates to an attractive capital value of about €88 per sq ft. which the agent points out is significantly below replacement cost.
Bryan Garry, who is handling the sale on behalf of QRE, says: “The acquisition of this property will provide an investor with a genuine value-add opportunity through the letting of the vacant accommodation and regularisation and potential extension of the existing tenancies. In the longer term and through a wider site assembly, the opportunity exists for an investor to acquire a key land holding in a strategic location.”