For Sale Prime Georgian Mixed-Use Investment Opportunity 38-39 Leeson Street Lower
Total Page:16
File Type:pdf, Size:1020Kb
38-39 LEESON STREET LOWER DUBLIN 2 FOR SALE PRIME GEORGIAN MIXED-USE INVESTMENT OPPORTUNITY 38-39 LEESON STREET LOWER PROPERTY OVERVIEW MARLBOROUGH S 2 3.1 GARDINER ST LOWER T CONNOLLY Prime Georgian Excellent Mix of office, leisure Includes two Commercial STATION 5 mixed use city centre and residential no. three bedroom WAULT of 2.76 years O'C ONNELL STREE investment location use throughout mews properties to lease expiry T ELL S RN 3 AMIENS STREET PA 6 opportunity extending to to the rear (as at 11/10/2018) BUS STATION approx. 1,400.8 sq m LUAS LUAS OAD Y STREET (15,080 sq ft) GIA HENR T CUSTOM R ALL R LOWE HOUSE GUILD STREET CAPEL STREET ABBEY ST Y STREET MAR CUSTOM HOUSE QUAY EAST W 3 ABBEY ST MIDDLE AY Arena 1 EDEN QU R I V E R L I F F E Y GEORGE'S QUAY TA AY CITY QUA RA STREET RA Y ABBEY ST UPPER4 BURGH QU TARA STREET WALK FEY STATION HELORS D'OLIER S SIR JOHN ROGERSON’S QU BAC AY R I V E R L I F Y N QUA SIR JOHN ROGERSON’S QU TO AS T AY Y LOWER ORMOND QUA TOWNSEND STREET R i v e r L i f f e y R i v e r L i AY f f e y AY ON QU INN ORMOND QU WELLINGT Total passing rent of 9 surface car Freehold Title Offers sought 'Sin QUAY PEARSE STREET AY ESSEX QU MERCHANTS QUA AY Y WOOD QU €358,300 per annum parking spaces excess of €5,150,000 BENSON STREET HANOVER QU BORD GÁIS AY from 9 commercial situated to the rear reflecting a Net PEARSE STREET THEATRE T TRINITY C G R A N D DAME S AY and residential Initial Yield of 6.41% OLLEGE C A N A L tenants after the deduction DUBLIN PEARSE STREET GRAND CANAL QU of standard ESTATE STATION PEARSE STREET CKEN STREET acquisition costs MA FENIAN S T of 8.46%FRANCES STREET SOUTH DOCK STREET PARK ON STREET A GREAT LOCATION MERRION SQUARE N Shelbourne Park Greyhound GRAFT SON STREET LOWER GRAND CANAL TRICK STREET TRICK Stadium DAW ARROW STREET PA MERRION SQUARE B Shelbourne Hotel ARE STREET KILD LOWER MOUNT S ST GRAND CANAL Grafton Street DOCK STATION Merrion Square ST STEPHENS GREEN NORTH MERRION SQUARE Luas Line T. MERRION ST UPR St. Stephen’s Green AUNGIER STREET S LUAS ST STEPHEN’S BAGGO T STREET GREEN T Iveagh Gardens Conrad Hotel BATH AVENUE TRIT CUFFE ST ST STEPHENS GREEN SOUTH ONVILLE R CAMDEN ST L CE Fitzwilliam Square OAD LWR B ST STEPHENS GREEN EAS AGGO SHELBOURNE R HERBERT PLA WR T - S AVIVA 38 39 T. LEESON STREET LOWER STADIUM IVEA LEESON STREET LO OAD HARC ON R GARDENSGH FITZWILLIA HADDINGT OAD OURT ST SQUARE M T WER LANSDOWNE ROAD STATION HATCH ST CAMDEN ST UPR CE CLANBRASSIL S TON TERRA WIL OAD PEMBROKE RO MESPIL R AD ADELAIDE RD R ROAD CIRCULA SOUTH CHARLEMONT RD LUAS ARADE GRAND P SUSSEX R OAD CANAL RD SANDYMOUNT VE RD GRO STATION HERBER PARK T TRANS- Bus Routes Luas Lines Train Sta- Dublin BikeTaxi Ranks LOCATION The subject property is prominently located on Lower Leeson Street, approx. 0.2 km south of St. Stephen’s Green and approx. 150 m north of Leeson Street Bridge, on the western side of the street. Leeson Street is a primary thoroughfare linking the N11 national route with the city centre. The area is an established Georgian location with office occupiers nearby including The Institute of Education, The Australian Embassy, The Cypriot Embassy and Dublin Institute for Advanced Studies. The central nature of this location MARLBOROUGH S 2 ensures ease of access to a range of amenities GARDINER ST LOWER including St. Stephen’s Green, Iveagh Gardens T and Fitzwilliam Square, all within a short walking CONNOLLY STATION 5 distance. O'C ONNELL STREE T ELL S Leeson Street is well serviced by public transport RN 3 AMIENS STREET PA 6 BUS including the Charlemont Luas stop approx. 700 m STATION LUAS away. Dublin Bus operate frequent services from LUAS OAD Y STREET HENR T Leeson Street while Pearse Street DART station is CUSTOM R ALL R LOWE HOUSE GUILD STREET CAPEL STREET ABBEY ST also situated nearby. Y STREET MAR CUSTOM HOUSE QUAY EAST W 3 ABBEY ST MIDDLE AY Arena 1 EDEN QU R I V E R L I F F E Y GEORGE'S QUAY RA S RA TA AY CITY QUA Y ABBEY ST UPPER4 BURGH QU TARA STREET WALK FEY TREET STATION HELORS D'OLIER S SIR JOHN ROGERSON’S QU BAC AY R I V E R L I F Y N QUA SIR JOHN ROGERSON’S QU TO AS T AY Y LOWER ORMOND QUA TOWNSEND STREET R i v e r L i f f e y R i v e r L i AY f f e y AY ON QU INN ORMOND QU WELLINGT 'S QUAY PEARSE STREET AY ESSEX QU MERCHANTS QUA AY Y WOOD QU HANOVER QU BENSON STREET BORD GÁIS AY PEARSE STREET THEATRE T TRINITY C G R A N D DAME S AY OLLEGE C A N A L DUBLIN PEARSE STREET GRAND CANAL QU ESTATE STATION PEARSE STREET CKEN STREET MA FENIAN S T FRANCES STREET SOUTH DOCK STREET PARK ON STREET A GREAT LOCATION MERRION SQUARE N Shelbourne Park Greyhound GRAFT SON STREET LOWER GRAND CANAL S TRICK STREET TRICK Stadium DAW ARROW STREET PA MERRION SQUARE B ARE STREET KILD LOWER MOUNT S T GRAND CANAL DOCK STATION ST STEPHENS GREEN NORTH MERRION SQUARE T. MERRION ST UPR AUNGIER STREET S LUAS ST STEPHEN’S BAGGO T STREET GREEN T BATH AVENUE TRIT CUFFE ST ST STEPHENS GREEN SOUTH ONVILLE R CAMDEN ST L CE OAD LWR B ST STEPHENS GREEN EAS AGGO - SHELBOURNE R 38 39 HERBERT PLA WR LEESON STREET LOWER T S AVIVA T. STADIUM IVEA LEESON STREET LO OAD HARC ON R GARDENSGH FITZWILLIA HADDINGT OAD OURT ST SQUARE M T WER LANSDOWNE ROAD STATION HATCH ST CAMDEN ST UPR CE CLANBRASSIL S TON TERRA WIL OAD PEMBROKE RO MESPIL R AD ADELAIDE RD R ROAD CIRCULA SOUTH CHARLEMONT RD LUAS ARADE GRAND P SUSSEX R OAD CANAL RD SANDYMOUNT VE RD GRO STATION HERBER PARK T TRANS- Bus Routes Luas Lines Train Sta- Dublin BikeTaxi Ranks THE PROPERTY 38-39 LOWER LEESON Leeson Place. Primary access to the The nightclub has two separate access STREET COMPRISES TWO office and residential accommodation points situated at the front and rear. ADJOINING FOUR STOREY is via Leeson Street with a secondary The property benefits from 9 surface OVER BASEMENT GEORGIAN access to the rear via Leeson Place. car parking spaces at the rear of the BUILDINGS EXTENDING TO building. A TOTAL NET INTERNAL AREA OF APPROXIMATELY SCHEDULE OF ACCOMMODATION 1,400.8 SQ M (15,080 SQ FT). 38-39 LOWER LEESON STREET The property is arranged to provide a Floor Use Sq M (GIA) Sq Ft (GIA) Sq M (NIA) Sq Ft (NIA) nightclub at basement level with office Basement Nightclub 372.4 4,008 accommodation located on the ground, first and second floors. Internally, the Ground Offices 220.6 2,376 113.2 1,219 property is in good condition throughout First Offices 245.8 2,646 188.5 2,028 and retains a number of period features Second Offices 212 2,282 139 1,496 including sash windows, coving and Third Residential 186.1 2,003 cornicing. The office accommodation benefits from CAT 5 cabling. The top Mews floor comprises two no. 2 bedroom 38a Residential 80 861 apartments, one of which has access to a private balcony via no. 38. 38b Residential 79.3 854 TOTAL 1,400.8 15,080 440.7 4,744 There are two no. 3 bedroom three- storey mews properties situated to the Please note these areas were measured and certified by Malcolm Hollis. A copy of the full rear of the building and fronting onto report, which is assignable to the purchaser, is available in the online data room. TENANCY The below tenancy schedule provides a summary of existing tenancies within the building. Lease Start Passing Tenants Floor Term Lease Expiry Break Use Comments Date Rent (pa) The lease allows Patrick O'Keeffe. for fixed annual Basement Guarantor: Taurus uplifts of €5,000 of 38 and 39 Place of Public Catering Limited 24/05/2012 10 years 23/05/2022 €130,000 per annum. The Lower Lesson Entertainment and Stonehead current contracted Street Limited rent is €160,000 per annum. Ground, First & Second Urban Property Floors, 38 17/06/2016 5 years 16/06/2021 16/06/2019 €53,000 Offices Solutions Limited Lower Leeson Street Rolling break option Urban Property Carpark subject to 4 car parking 17/06/2016 5 years 16/06/2021 €12,000 Car parking Solutions Limited License two months spaces written notice Ground & First Rational Floor Return, Reproduction t/a TBC 1 year TBC €24,000 Offices 39 Lower Waterstone Clinic Leeson Street First Floor, 39 Phison Limited t/a Includes 1 car Lower Lesson 01/07/2016 3 years 30/06/2019 €25,000 Offices Fenestra Pro space Street Rooms 1,2,3 and 4 on the Marie Walshe, Eve 2nd floor and Watson & Donna room 5 on 4 years 9 Redmond t/a 01/05/2016 31/01/2021 €25,500 Offices the 2nd floor months Leeson Analytic return of 39 Centre Lower Leeson Street Apartment 2, 39 Residential Lower Leeson Third floor 18/04/2015 €21,600 Residential Tenancy Street Penthouse, 39 Residential Lower Leeson Third Floor 21/06/2013 €20,400 Residential Tenancy Street Residential Residential 38a Lesson Place 05/09/2014 €24,000 Residential Mews Tenancy Residential Residential 38b Leeson Place 11/07/2014 €22,800 Residential Mews Tenancy Total €358,300 ZONING The subject property is located in an area zoned Z8 - “To protect the existing architectural and civic design character, and to allow only for limited expansion consistent with the conservation objective” under the Dublin City Development Plan 2016 – 2022.” The property is a listed building on the Dublin City Council Record of Protected Structures.