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Commercial Investment, Frederick House, 2 Hardwicke Street, Rotunda, Dublin 1, D01K4PK
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for sale
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€
650,000
Subject to contract
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Location
The property is located on Hardwicke Street close to the junction of Frederick Street North, approximately 700 metres north of The Spire on O’Connell Street.
The North Inner City is a major area of focus for future regeneration. Dublin City Council have plans to redevelop Dorset St and St. Mary’s Place located less than 500 metres from the subject property. The development will include the construction of 163 homes, in a mix of houses duplexes and apartments.
Dublin Central site is another large development planned in the immediate area. The developers Hammerson are planning the redevelopment of the 5.5 acre site to include a new civic square, 97 residential units, 5,400 sqm of retail space, two new hotels & 44,300 sq.m of workspace area.
Notable neighbouring occupiers include several hospitals including The Rotunda and Mater Private Hospital. The surrounding area has a high population of students with IBAT College on North Frederick Street & TU Dublin, Grangegorman Campus located within close proximity of the subject property.
The area is well served by numerous restaurants and cafes. Public transport links are also in abundance with numerous Dublin Bus routes, Dublin Bike depots, Drumcondra Rail Station and the Parnell stop on Luas green line less than 500 metres away.
Summary
Frederick House is a mid-terrace, three-storey over basement, period property comprising retail unit on the ground floor and two floors of offices overhead, along with an additional residential flat. It is an attractive investment and asset management opportunity in Dublin city centre.
Situation
Fredrick House is on Hardwicke Street close to its junction with Frederick Street North. It presents investors with the opportunity to acquire a reversionary period investment property with huge potential to improve the income level through active asset management.
Description
The property comprises a mid-terrace, three-storey over basement, brick fronted period property currently fully let, but offering immense asset management opportunity as the rents are considerably lower than market rates.
The ground floor is currently in use as a retail convenience store with the basement in storage use.
The first floor is in office use and is occupied by an accountancy firm t/a Moneybooks 4 You.
The second floor is part office occupied by a skin care clinic and part residential flat which is currently tenanted.
The retail unit features plastered and painted walls and ceiling with florescent tube lighting and wood vinyl flooring. There is also a large display window on the shop front.
The office specification is of similar standard, finishes include vinyl wallpaper and wood flooring.
Kitchenette facilities and WC are provided for on the returns, Heating is gas fired.
Accommodation
Approximate floor areas are:
| Ground Floor | |
| Retail | 44.41 sq.m. |
| Store Room with WC on return | 10.32 sq.m. |
| First Floor | |
| Front Room with double doors to rear room | 17.18 sq.m. |
| Front Room 2 | 10.92 sq.m. |
| Rear Room | 17.65 sq.m. |
| First Floor Return WC | |
| Second Floor | |
| Front Room 1 | 16.22 sq.m. |
| Front Room 2 | 10.58 sq.m. |
| Rear Room (Residential) with single WC | 16.15 sq.m. |
| Shared Landing / Kitchenette | 4.47 sq.m. |
| Return Kitchenette | 2.61 sq.m. |
| Basement | |
| Front Room | 27.83 sq.m. |
| Store Room 1 | 2.31 sq.m. |
| Store Room 2 | 8.32 sq.m. |
| Kitchenette | 0.74 sq.m. |
| Total net internal area 189.71 sq.m. / 2,042 sq.ft. |
Tenancies
| Unit | Tenant | Term | Commence | Rent (Ex VAT) |
| Ground Floor & Basement | Private individual t/a Hodma Shop | 4 years 9 months (Expired) | 11/11/2017 | €18,000 |
| First Floor | Moneybooks 4 You Business Consulting | 3 years (Expired) | 01/12/2019 | €10,200 |
| Second Floor | Mr. Romel Sultanov / Skin Care Clinic | 2 years 9 months (Expired | 01/03/2019 | €6,000 |
| Second Floor | Private individual (Residential) | TBC | TBC | €6,000 |
Covenant
Details of tenant covenant and guarantors available on request
VAT
The property is not subject to VAT
Proposal
Asking Price: €650,000 exclusive of VAT.
Total passing is €40,200 exclusive of VAT and service charges.
At the asking price of €650,000 this equates to a gross yield of 6.18% or a net yield of 5.62% after standard acquisition costs. Estimated rental value is €58,000 equating to a gross yield of 8.92% or a net yield of 8.11% after costs.
BER: Exempt
Investment Considerations
The property would benefit from some active asset management and has strong reversionary potential.
The estimated market rent for the building is c.€58,000. Reflecting a gross yield of 8.92% & a net yield of 8.11%.
The existing residential tenant can be served notice to vacate the flat. The remainder of the tenants are all over holding and can be renewed to market rent under modern lease terms.
Disclaimer
Stokes Property Consultants Limited t/a Stokes Property and the Vendor/Lessor give notice that:
- These particulars are for guidance only and do not constitute nor constitute any part of an offer or a contract.
- All statements contained in these particulars as to this property are made without responsibility on the part of the Agents or the Vendor/Lessor.
- None of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.
- The particulars, various plans, photographs, descriptions and measurements have been carefully prepared, but their accuracy is not guaranteed and any intending Purchasers/Lessees shall satisfy themselves by inspection or otherwise as to their correctness. No omission, accidental error or misrepresentation shall be a ground for a claim for compensation or for the rescission of the Contract by either the Vendor/Lessor or the Purchaser/Tenant.
- Neither the Vendor/Lessor nor Stokes Property Consultants Ltd. t/a Stokes Property nor any person in their employment has any authority to make or give any representation or warranty in relation to the property. 6. Prices are quoted exclusive of VAT (unless otherwise stated) and all the negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT
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