Developers and investors looking for longer-term opportunities in the capital will be interested in a highly-reversionary mixed-use investment which has been brought to the market in the south Dublin suburb of Dundrum.
Known locally as the “Apollo Buildings”, the subject property comprises a substantial holding in a pivotal location on the Dundrum Road in close proximity to both the Dundrum Luas green line stop and Dundrum Town Centre.
The buildings extend across a total area of 9,700sq ft and comprise a retail component (occupied by Human Appeal and the Village Vets), first-floor offices and a large lock-up unit at lower ground-floor level together with 30 car parking spaces. The total contracted rent from the property at present is €42,500 per annum with vacant possession of the majority of the lower ground-level lock up. The Village Vets, a veterinary practice established in 1980 with multiple premises in the greater Dublin area accounts for €22,500 of the contracted rent with lease expiry in December 2022. The balance of the rent (€20,000) is attributable to Human Appeal, whom are in occupation by way of an informal tenancy.
The lower ground-floor level is accessed via a ramp between the Circle K filling station and The Sue Ryder Foundation building (which does not form part of the sale). This leads to the lock-up space (about 3,700sq ft) which is accessed via two roller-shutter doors. The substantial car parking component at this level is included in the sale.
QRE Real Estate Advisers are quoting a guide price of €850,000 for the entire property which equates to an attractive capital value of about €88 per sq ft. which the agent points out is significantly below replacement cost.
Bryan Garry, who is handling the sale on behalf of QRE, says: “The acquisition of this property will provide an investor with a genuine value-add opportunity through the letting of the vacant accommodation and regularisation and potential extension of the existing tenancies. In the longer term and through a wider site assembly, the opportunity exists for an investor to acquire a key land holding in a strategic location.”
