BESPOKE WEBSITE: www.345dorset.com
Joint agents Knight Frank and Citywide Auctioneers are delighted to offer for sale a substantial mixed use property, consisting of a licenced premises, offices, 5 apartments and vacant offices.
Guide price is excess € 2.3m for the property offering investors a net yield of approx. 10% from March 2020 with superb reversionary potential to significantly further increase returns once the remaining vacant office space has been let and the residential rents reviewed upwards.
The sale comprises a licenced premises (bar, restaurant and off-licence) with 352m2 at ground level with 289m2 basement, currently in use as Wasabi Restaurant. This premises extends to the complete ground level of 3, 4 & 5 Dorset Street Lower and consists of a double fronted bar / lounge area, kitchen, separate customer and staff toilets, designated smoking area, and an off licence, along with substantial basement, with cold room, ample storage space and keg drop access. The licenced premises is on a 15 year IRI Lease from March 2018 at a current rent of €55,000 per annum increasing to €110,000 per annum in March 2020.
The first floor of number 3 Dorset Street consists of an own door office leased to Mater Private on a 5 year lease which expired in August 2015 with a rent of € 42,000 per annum. The offices are in a modern layout consisting of 2 open plan office spaces, 2 smaller offices, kitchenette and w/c’s, totalling 250 sq. m.
The upper floors of 4 & 5 Dorset Street consist of 291 sq. m. of currently vacant office space, in need of refurbishment and with potential for change of use to residential (SPP).
To the rear of the property and accessed off Georges Place, are 5 apartments:
2 X 2-bedroom apartment units of approx. 58 sq.m.
2 bedroom duplex apartment unit of approx. 74 sq. m.
2 X 3-bedroom with study units extending to approx. 109 sq.m.
All five apartments are subject to standard residential tenancies and are currently generating € 102,000 per annum.
3, 4 & 5 Dorset Street Lower is centrally located at the busy junction of Dorset St Lower and Eccles St / Temple St, benefitting from dual access from Dorset St Lower and Georges Place.
Located in the heart of North Dublin city and approx. 700m from O’Connell and in close proximity to numerous hotels and student accommodation developments. There are numerous bus routes serving the area and the Dominick Street Crosscity (Green Line) LUAS is within 10 minutes' walk. Dorset Street is one of the main routes into and out of the city and provides a direct route to the M1, the M50 and Dublin Airport.
There is substantial footfall throughout the day with numerous hospitals and offices in close proximity, and in the evening with Dorset Street being a major artery out of the city to the suburbs of Drumcondra, Beaumont and North Dublin
BER Rating: B1-C2
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