Apartment block with shop for €2.4m

A four-storey over basement apartment block with nine residential units and a vacant shop on the ground floor is to be offered for sale at 130 Pearse Street, Dublin 2, on the instructions of receiver Eoin Ryan of HLB McKeogh Gallagher Ryan.

Michele McGarry of Colliers International is inviting offers over €2.4 million for the block, which is located opposite the Maldron Hotel at the junction of Pearse Sreet and Brunswick Place.

Rent roll

All nine apartments are let and producing a rental income of €129,300 per annum. There are three three-bed units, three two-bedroom homes and three one-bedroom apartments rented from €900 to €1,400 per month.

Colliers say that the rents are well below the market rates for the area. The agents also point out that the rental income could be substantially improved once a tenant is found for the retail space which extends to over 366sq m (3,946sq ft) and has already been fitted out.

Colliers say that the block has been finished to a high standard with an attractive stone clad façade at street level and a mix of brick and masonry on the upper floors along with zinc cladding.

Apartments in the Pearse Street area could be expected to attract considerable attention from renters because of their close proximity to the Grand Canal Dock area where a range of international companies are based including State Street, Accenture, Bank of New York Mellon, Facebook and Google. The apartments are also within 500 metres of Trinity College.