Investors and developers looking to take advantage of Stoneybatter’s newly-minted status as “Ireland’s coolest neighbourhood” may be interested in an opportunity which has been brought to the market on Prussia Street at a guide price of €1.5 million.
Situated immediately next to Manor Street in the Dublin 7 village which Time Out magazine readers deems to be among the 50 most exciting locales in the world, numbers 79-83 Prussia Street offers the purchaser the opportunity to deliver a residential scheme of 17 units, according to the selling agent, TWM.
The property currently comprises a terrace of four period, though not protected, properties. The buildings, which are now largely vacant, include 18 pre ’63 units over a retail unit and Hyne’s pub, which is still trading and forms part of the sale. The total gross internal area of the four buildings is 868.84sq m (9,352sq ft).
Potential
A feasibility study prepared by Darmody Architects in advance of the sale, illustrates the potential, subject to planning permission, of creating a residential scheme of 17 units ranging from studios to three-beds and extending over 1,438sq m (15,478 sq. ft) of gross internal space.
Adjacent to and behind 79-83 Prussia Street, developer Pat Crean's Marlet Property Group is currently developing a 193-bed student housing scheme, with a view to capitalising on the demand being created by the opening of the DIT's new centralised campus at Grangegorman. The Technological University Dublin (TUD) as it is now known is less than 100m from Prussia Street, and once completed will cater for more than 10,000 students and 600 staff.
Mark Kelly of TWM says: “This is an attractive proposition for a variety of potential parties. It has great asset management potential as well as redevelopment or refurbishment possibilities. The property can provide an income while development is planned.”
The property’s €1.5 million guide price reflects a capital value of just €160 per sq ft and under €90,000 per unit/€97 per sq ft based on the feasibility study carried out by Darmody Architects.
