A high-profile Harold's Cross petrol station, which is also zoned residential, is new to the market this week with Knight Frank guiding over €700,000.
Parnell Service Station in Dublin 12 is on the southern side of Parnell Road along the banks of the Grand Canal between Harold’s Cross Bridge and Donore Bridge. It is about 1.8km southwest of the city centre along one of the principal routes for traffic commuting in and out of the city.
The service station, with petrol forecourt and shop, is fully let on a long-term lease producing an annual income of €52,000. "But there is substantial scope for reversionary rental uplift at review," says Knight Frank's Ross Fogarty. "The property will show a net initial return of around 7.42 per cent and a reversionary return in excess of 10 per cent based on estimated rental values of €100,000 on review."
Parnell Service Station has been let to a private operator from May 1st, 2010, with under 20 years remaining on the lease. The recently refurbished canopied forecourt comes with eight pumps, automated car wash, and self-service jet power wash. A convenience shop on site provides retail and ancillary storage, a cash desk, an ATM, office and toilets.
Located on a 0.165 hectare corner site, the property is zoned Objective Z1 “to provide and improve residential amenities” in the current Dublin City Development Plan. It previously secured planning permission for a residential development of 19 apartments and a medical consultant’s office but this has since expired.
