The Camden Street area of Dublin occasionally throws up investment and redevelopment opportunities, invariably involving some of its oldest shops. Agent JLL is about to market one such property encompassing a double-space chemist, a food outlet and an apartment, as well as a building ready for redevelopment.
Jeffrey Hoare of JLL is guiding €1.2 million for 35-37 Lower Camden Street – three adjoining retail buildings and space above the ground floor. Cahill's Allcare Pharmacy occupies numbers 35 and 36 at a rent of €54,000. Camden Rotisserie rents number 37 at €42,000 per annum. The leases run for 24 years and seven years respectively.
The upper floors of 35 and 36, now empty and dilapidated, were previously accessed through number 34, but this is now separately owned and does not form part of the sale (34 is for sale by another agent). Number 37 has pedestrian access to a recently refurbished three-bedroom apartment on the upperfloor.
The sale offers both an asset that will produce income – the properties are showing a return of 7.66 per cent – and a future redevelopment opportunity, according to Hoare.
The planning permission, which has been extended to June 2019, provides for seven two-bedroom apartments with a gross floor area of 769sq m (8,277sq ft); 647sq m (6,964sq ft) of offices; a 204sq m (2,195sq ft)health club; and a 55sq m (592 s q ft) retail unit.
