Two mixed-use Dalkey properties for sale for €1.25m

Buildings, which can be bought together or separately, will show return of 7.6%

 

Agent Knight Frank is expecting considerable interest in a mixed-use portfolio in the south Dublin coastal village of Dalkey, which is to be sold by private treaty.

Adrian Trueick of the agency is quoting a combined guide price of €1.25 million for the high street properties at the entrance to Dalkey village, which will show a return of 7.6 per cent. The two properties can be bought as one lot or separately.

A guide price of €450,000 has been set for a two-storey building at 16/16a Castle Street, which has a fast food takeaway on the ground floor and a self-contained apartment on the first floor. The 223sq m (2,410sq ft) property is under-rented at €31,500 and has had an outstanding rent review due since June 2016. The selling agent says the initial return of 6.7 per cent has the potential to increase to more than 12 per cent.

Knight Frank is guiding €800,000 for 17-18 Castle Street, an end-of-terrace two-storey building extending to 271sq m (2,919sq ft). Fujifilm and butchers Hicks of Dalkey rent the ground-floor units trading alongside multiple tenants in the overhead offices.

The property currently produces a rent of €67,386. The leases have expired but the letting agent has agreed terms with two ground-floor retail tenants at an annual rent of €71,186.