For Sale by Private Treaty Tenants not affected
No. 73, 75, 77 Rathmines Road Upper, Rathmines, Dublin 6 Executive Summary
• Portfolio of three adjoining period buildings • Excellent location along Rathmines Road Upper • Primarily in residential use with 11 self-contained units • Two floors in creche use • Vacant possession of entire of No. 77 • Total current rent of €42,000 per annum • Large gardens to the rear of the buildings potentially offering development opportunities S.P.P. • Asset management opportunity • For sale as one lot
Location
Rathmines is located on the southside of Dublin, approximately 3 km south of Dublin City Centre. Neighbouring villages include Rathgar, Ranelagh and Harold’s Cross. The subject property is located along Rathmines Road Upper, adjacent to the junction with Rathmines Park.
Rathmines provides a range of amenities including the Swan Shopping Centre and Cinema, Rathmines College of Further The Property Rathmines Road Upper Education, Swan Leisure Centre and a host of retailers including Tesco, Mc Donalds and Boots. The area is also home to a number of schools including St Mary’s College, St. Louis High School and St. Clare’s Covent National School.
The area is served by numerous Dublin Bus routes including Rathmines Park the 140, 142, 14,15,65. The Ranelagh Green Line Luas stop is located a 13 minute walk from the subject properties. NB; For identification purposes only Description
The subject property comprises No. 73, 75 & 77 Rathmines Road Upper, Dublin 6. The three adjoining four storey terraced period buildings provide accommodation from lower ground floor level to converted attic rooms at second floor level.
The layout of each building is as follows:
No. 73 Rathmines Road No. 75 Rathmines Road No. 77 Rathmines Road
2 bed apartment incl. rear One bed apartment with own Lower Ground floor Creche. Own door access annex. Own door access door access
One bed apartment and Upper Ground floor Creche, incl. the rear annex studio apartment to the One bed apartment rear annex
Bedroom with WC and two One bed apartment One bed apartment First floor additional rooms
Second floor Attic room with WC One bed apartment One bed apartment
Total 2,783 sq ft 2,606 sq ft 2,754 sq ft
The property is currently part let, with 7 of the 11 units vacant, producing a rental income of €42,000 as per the schedule of accommodation contained herein. Prospective purchasers should satisfy themselves as to the floor area.
Zoning
The subject property is located in an area zoned Z1 & Z2 - Sustainable Residential Neighbourhoods in the Dublin City Development Plan 2016–2022. This zoning objective is defined as follows: “To protect, provide and improve residential amenities.”
Protected Structures
According to the Dublin City Development Plan 2016-2022 (Volume 3), The 3 properties are listed as protected structures. The Ref. No. for each is as follows: No. 73 (Ref. No. 7279). No. 75 (Ref. No. 7281). No. 77 (Ref. No. – 7283). Asset Management
As per the tenancy schedule below, the property requires some asset management to agree a lease with the crèche operator and refurbish the vacant residential units prior to letting. The property has large gardens to the rear which, subject to planning permission, offer further residential development potential with access provided from Rathmines Park. ERV when fully let would be in excess of €400,000 per annum.
Tenancy Schedule
Property Floor Use Tenancy Rent PA
No. 73 Basement Two bedroom apt Tenanted since 01/07/14 €15,600
Ground Crèche – Bumbles
First Three bedroom apt Occupied
Second TBC Vacant
No. 75 Basement Crèche – Bumbles
Ground Apt 1 - Studio Assumed vacant
Ground Apt 2 Tenanted since 28/11/11 €9,000
First Apt 3 Tenanted since 01/06/16 €11,400
Second Apt 4 Tenanted since 28/09/13 €6,000
No. 77 Basement TBC Vacant
Ground TBC Vacant
First Two bedroom apt Vacant
Second One bedroom apt Vacant
Total €42,000 NB: Prespective purchasers should satisfy themselves of the details above
Title QRE Contact Solicitors TBC O’Brien Lynam Solicitors Brian Kelly BSc Hons 15 Fitzwilliam Street Upper, Guide Price [email protected] + (0) 1 637 5555 Dublin €2,750,000 T:
VAT Gareth McKeown MSCSI MRICS [email protected] Please refer to agent T: + (0) 1 637 5555 BER Website qre.ie Viewing All viewings are strictly by appointment through the sole letting agent.
PSRA Registration No. 003587
The agents on their own behalf and on behalf of the vendor/lessor of this property, give notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither the agents nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Any representation including descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access and any other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness.