Commercial Property

Townsend St buildings with development potential for €2.7m

Near docklands, the fully rented buildings previously had planning for redevelopment

88-92 Townsend Street, Dublin 2

Justin Comiskey
Wed Oct 18 2017 - 07:00

Fully-rented buildings at 88-92 Townsend Street in Dublin's south docklands will probably be acquired by someone keen to explore their redevelopment potential.

The buildings are on the corner of Creighton Street and opposite Hibernia Reit’s 11,241sq m (121,000sq ft) IWML scheme nearing completion. They are on the market through agent TWM at €2.7 million.

Comprising two adjoining structures, the property previously had planning permission to be redeveloped but this has since lapsed. Darmody Architects suggests it could accommodate, subject to planning permission, a development of 1,271sq m (13,680sq ft).

The property includes a modern three-storey building occupied by the Dublin South East Community Training Centre while the corner unit – described by the agent as a more "traditional structure" – is occupied by Darmody Architecture. These tenancies produce a rent roll of €143,000.

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Agent Ollie Lyons says the interesting angle with this property is that "the leases contain annual break options in favour of the landlord, potentially allowing a new owner to consider a redevelopment or indeed to occupy themselves".

In addition, the current rents are well below market levels for the area which may also present an investor with an opportunity to enhance their return. Rents at 1WML, for example, are around €592 per sq m (€55 per sq ft).

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