D1 Collection , North City Centre, Dublin 1, Dublin 1

€13,000,000
Investment Property - 0 Bathrooms
C2-G

Lisney Commercial (Dublin)

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  • St. Stephen's Green House, Earlsfort Terrace, Dublin 2
  • Phone : 01 638 2700
  • Fax : 01 638 2706

Description


  • Rare opportunity to acquire a substantial city centre block of seven buildings extending to approx. 3,643 sqm (39,214 sqft) NIA

  • Asset management opportunities for change of use, refurbishment, expansion and substantial redevelopment of the entire block (subject to planning permission)

  • 1,988 sqm (21,400 sqft) approx NIA of vacant accommodation (55%) across the seven buildings, offering purchasers immediate scope to increase passing rent and value

  • Rental income of €518,279 per annum from ten tenancies including Ladbrokes, Madigans, Tourist Office, Londis with all of the passing rents considered reversionary

  • Immediate opportunity to increase the passing rent through rent reviews and the leasing of vacant accommodation

  • Current tenancies have a weighted average unexpired lease term of 6.1 years (including nearest break options)

  • Opportunities exist for short term income from the vacant space (if desired) with proven demand for same

  • Low capital value per sqft

  • Site area of approximately 0.1133 ha (0.28 acres)

  • Currently zoned Objective Z5 under the 2016-2022 Dublin City Council Development Plan



The Luas cross-city routes stop at either end of Sackville Place heading north from the GPO stop on O'Connell Street Lower to the north suburbs including the new Dublin Institute of Technology (“DIT") campus at Grangegorman, and heading to the south from the Marlborough Street stop towards St Stephen's Green and the south suburbs.

The Luas red line links O'Connell Street Lower to both Connolly Station and Heuston Station (the capital's access points to the country's railway network). Connolly Station also provides access to the DART system, the rapid transit service which serves the coastal suburbs to the north and south of the city. The red line also links O'Connell Street Lower to the IFSC, the north docks, the Convention Centre, 3 Arena and the Dublin Port area.

The public transport network on O'Connell Street will be further improved with the development of the Metro, the first phase of which will be an underground link between the city centre and Dublin Airport, with a station on O'Connell Street. The line will be extended as an over ground link to Swords in the north and Sandyford in the south. It is planned that the trains will cater for 15,000 passengers per hour, and could carry up to 50 million passengers per year.



  • Immediate scope to increase the passing rent through an outstanding rent review and through the leasing of vacant space

  • Much of the current rents are considered reversionary in nature are expected to yield further increases in the coming years

  • There are elements of the collection which would benefit from refurbishment and possible amalgamation in order to maximise rental values and attract a wider range of occupiers

  • Some of the existing buildings would lend themselves to alternative uses – subject to change of use planning

  • The immediate surrounding area is undergoing substantial change which should benefit all properties within the collection, and in the wider area in general, underpinning rental values




  • Substantial high profile City Centre block of property with excellent transport links, much of which would be suitable for large scale redevelopment in a multitude of uses subject to planning permission

  • The relaxation of the building heights in Dublin city should make this more compelling

  • Site area of approx. 0.1133 ha (0.28 acres)

  • Approx. 25.45 metres frontage onto O'Connell Street Lower, approx. 45.6 metres onto Sackville Place and approx. 13 metres onto Abbey Street Lower

  • Just under 55% of the total accommodation within the collection is currently vacant

  • The Z5 zoning on the collection is suitable for a multitude of potential uses including, retail, office, educational, residential, hotel, and hostel (subject to planning permission)



Knight Frank

Features

Lot 1 – Entire – seeking in excess of €13 million
Lot 2 – 14-15 & 16-17 O'Connell Street Lower – seeking in excess of €8,250,000
Lot 3 – 4 & 5 Abbey Street Lower, 13,14,& 15 Sackville Place – seeking in excess of €4,050,000
Lot 4 – 16 Sackville Place – seeking in excess of €700,000

Location

  • Situated in the heart of the Dublin city centre in one of its most popular tourist and shopping areas.
  • Adjacent to The Clerys Redevelopment which is set to be redeveloped as a prime retail, office and hotel development in the coming months. Other developments in the immediate area include a new 158 bedroom Hotel on Sackville Place which is under construction and expected to open in 2019.
  • Established commercial area with an array of hotels, high street retail, office buildings and food and beverage establishments.
  • Occupiers in the immediate vicinity include Easons, Penneys (Primark), Clarks, Schuh, Burger King, McDonalds, Carrolls Gifts while major shopping destinations including Jervis Street Shopping Centre, Ilac Centre, Arnotts and Henry Street are located nearby.
  • O'Connell Street is the city's main thoroughfare and principle arterial route from Dublin city centre to the northern part of the city.
  • Footfall numbers on O'Connell Street are amongst the highest for Dublin city with over 30.3 million pedestrians on O'Connell Street recorded in 2017. Of these approx.. 13 million passed by the neighbouring The Clerys Building.

Negotiator Details

Christopher Belton

BER Details

BER: C2-G
Available on request