Agent CBRE is guiding an overall price of €12 million for a portfolio comprising two sites with residential development potential within close proximity to the newly opened Grangegorman campus of Technological University Dublin (TUD). The first property, on North King Street, carries a guide price of €8 million, while the second property, on nearby Phibsborough Road, is guiding at €4 million.
The North King Street property extends to about 0.34 hectares (0.83 acres) and is occupied by tenants using the building for retail and industrial purposes. The tenancies provide approximately €145,000 in rental income per year, according to the agent, and that could possibly be increased by letting the vacant storage units to the rear. Prospective purchasers should note that the property is a protected structure.
The site, which is less than 1km from TUD’s Grangegorman campus, is zoned “Z5 City Centre”, allowing for varied development options, including student accommodation, residential, hotel and office use. A feasibility study and planning report prepared in advance of the sale by Urban Agency and McGill Planning suggests that the development of student accommodation, residential dwellings and/or a hotel would be viable for the site subject to planning permission being obtained.
The Phibsborough Road property, meanwhile, comprises retail units, an office, storage facilities and a single residential dwelling, and produces rental income of approximately €258,040 per year, according to the agent. Its current tenants include Camile Thai, Four Star Pizza, Rua Woodfire Pizza, Thunders Bakery and Avista. A vacant lot at 141-142 Phibsborough Road has potential to add to the rent roll.
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This land holding is currently zoned “Z4 District Centre” with a proposal for this to be amended to “Z4 Key Urban Village” under the Dublin City Draft Development Plan 2022-2028. Sites designated as key urban villages will have the capacity to include integrated services as well as residential development. A feasibility study for the subject property by Urban Agency suggests it has the potential to accommodate between 49 and 61 residential units subject to planning permission, with building heights ranging from four to six storeys.
Darragh Deasy, director at CBRE’s development land division, says: “The North King Street property suits a variety of development options and comes with the benefit of short-term income, which will assist those developers and investors looking to unlock its potential. The Phibsborough Road site offers interested parties a strong tenant line-up with a good income stream. It also offers significant development potential for a variety of development types subject to planning permission. We expect to see strong interest for both properties.”
