Rathgar Road Collection
DUBLIN 6 03
Rathgar Road Collection Dublin 6.
FOR SALE BY PRIVATE TREATY
Rathgar Road Collection is a superb and rare opportunity to acquire a residential investment portfolio of scale and high quality in a prime South Dublin location. www.rathgarroadcollection.com 04 05
Contents
06 COLLECTION OVERVIEW
07 INVESTMENT HIGHLIGHTS
07 POTENTIAL RESIDENTIAL DEVELOPMENT HIGHLIGHTS
08 LOCATION OVERVIEW
12 COMPLIANCE SUMMARY
12 TENANT SUMMARY
13 COLLECTION SUMMARY
20 POTENTIAL RESIDENTIAL DEVELOPMENT SITE OPPORTUNITY
24 MARKET OVERVIEW
28 FURTHER INFORMATION & CONTACT DETAILS 6 period properties located in a prime residential area, redeveloped to provide for 61 purpose built and market rented residential units, and 3 commercial units to the rear. 06 07
Collection Overview Investment Highlights
FOR SALE BY PRIVATE TREATY Six period properties located in a prime residential area, redeveloped to provide for 61 purpose built residential The Opportunity units, and 3 commercial units to the rear. A residential collection of scale and high quality. Located adjacent to key transport links and Dublin Location City Centre. Located in an area of very high residential occupancy and demand. Entire ownership and control of all properties.
Description Producing a strong sustainable income stream with 61 residential purpose built apartment units along rental growth potential. with 3 commercial units, along with a zoned potential residential development site. Opportunity for a refurbishment programme to be implemented and value added. Income Generating a gross rental income of approximately A comprehensive suite of compliance documentation €1,085,500 per annum. for each property.
Occupancy Effectively fully let.
Management Professionally managed tenant base (original owner Potential Residential has operated for more than 30 years). Development Highlights Potential Development Site to rear with potential for further development.
Condition All units are in excellent condition however there is Large site located to the rear of 175, 175a, 176, 177 and scope for refurbishment and improvement of existing 178 Rathgar Road, Rathmines, Dublin 6. Subject site units. measures c. 0.404 hectares (c. 1 acre site).
Compliance Status Potential for further residential development Substantially compliant for planning, fire regulations (Subject to planning permission). and Local Authority Housing Standards. Architect and Planners report suggest an additional 44 apartment units could be added to the overall portfolio (subject to planning permission).
Dublin City Council Zoning: Zone Z2: Residential Neighbourhoods (Conservation Areas) – A residential collection ‘To protect and/or improve the amenities of residential conservation areas’. DCC LA plan currently running from of scale and high quality. 21/10/2016 to 20/10/2022. 08 09
Location Overview
The entire portfolio is located on Rathgar Road, Rathmines, Dublin 6.
Rathgar Road services towns located South West of Dublin such as Templeogue, Terenure and Rathgar Village. The villages of Rathmines and Rathgar are vibrant suburbs on the Southside of Dublin City Centre, both experiencing exciting rejuvenation.
The villages of Rathgar and Rathmines are very well served with a selection of restaurants, cafés, pubs, financial institutions and shops, as well as The Swan Shopping Centre. The LUAS Cross City serves the • immediate area providing ready access to the city centre, via the Ranelagh LUAS stop less than 1km away.
Rathgar Road is a main artery route into Dublin City Centre located approximately 3kms to St. Stephens Green and 5.5km to Junction 11, M50.
The villages of Rathmines & Rathgar are vibrant suburbs on the Southside of Dublin City Centre. 10 11
Location Overview
SELECTION OF LOCAL AMENITIES AND EMPLOYMENT HUBS
IFSC Centre and IFSC Ranelagh Village Ranelagh Village Rathmines village Grand Canal Dock Grand Dublin City Centre Grand Canal Dock & LUAS Green Line & LUAS National Convention National Convention Stella Cinema & Diner Swan Shopping Centre Swan 14c, 15 15 a, b,d, 65, 65b 65, b,d, 15 a, 14c, Aviva Stadium/Ballsbridge Aviva Rathgar Road - 300m from
this junction to subject asset Rathmines QBC Dublin Bus Route No. 15 QBC Dublin Bus Route No. QBC Dublin Bus Route No. 14, 14, QBC Dublin Bus Route No.
Bushy Park
Swan Centre
LUAS 12 13
Compliance Summary Collection Summary (Planning, Building and Fire regulations) Six residential assets
A comprehensive suite of compliance information is available for download in project website visual 175 data room. RATHGAR ROAD, DUBLIN 6
175A RATHGAR ROAD, DUBLIN 6 Rathgar Road Tenant Summary 176 RATHGAR ROAD, DUBLIN 6 TENANT MIX BY NATIONALITY Irish 50% 177 50% Overseas RATHGAR ROAD, DUBLIN 6
178 TENANTS BY EMPLOYMENT CATEGORY RATHGAR ROAD, DUBLIN 6 Technology 40% Finance & Banking 20% 149 Professional Services 20% Manufacturing 20% RATHGAR ROAD, DUBLIN 6 Public Service 20%
COLLECTION BY UNIT TYPE Rental Summary 16 units Studio Apartments AVERAGE 1 Bedroom Apartments 45 units PORTFOLIO UNITS SIZE SQ.M. SIZE SQ.FT. RENT P.M. 1 BEDROOM APT 43 46.8 504 €1,568 STUDIO APT 18 28.7 309 €1,023 Total 61 14 15
NO. 175 NO. 175A
NO. 175 GARDEN LEVEL
NO. 175A GARDEN LEVEL
6 Apartments 10 Apartments (1 x Studio and (5 x studios and 5 x 1 bedroom apartments) 5 x 1 bedroom apartments)
NO. 175 FIRST FLOOR NO. 175 GROUND FLOOR Property Description Property Description NO. 175A GROUND FLOOR Modern apartment block built in Substantial Period property Georgian Style. (originally built c. 1850) Gross Rent Gross Rent €101,736 per annum approximately €148,536 per annum approximately Summary Summary Newly constructed in 1995 (replaced an Building fully re-constructed in 1993. existing unprotected mews structure). Full interior refurbishment in 2001. Full interior refurbishment in 2004. NO. 175A FIRST FLOOR Maintained to highest standard. NO. 175 ATTIC Maintained to highest standard.
Drawings for illustration purposes only. Not to scale. Drawings for illustration purposes only. Not to scale. 16 17
O Terrace Terrace O
N . 176 Bedroom N . 177
Bedroom Bedroom
Bathroom Living
Kitchen
Apt D3. 40.0 m2 Bathroom Bathroom
hp Store Store Hall hp
Bedroom
Bathroom Hall Kitchen Kitchen Apt 5. Apt 6. 2 67.0 m2 67.0 m
Apt D2. 45.0 m2 Living Bedroom Living HallHall
Apt D4. 37.0 m2
Hall Bathroom Kitchen Kitchen Hall
Kitchen Bathroom Kitchen Bathroom
Apt D5. Hall 47.0 m2
Living Living Studio
Living Apt D1. 24.0 m2 Bedroom
NO. 176 GROUND FLOOR NO. 177 GARDEN LEVEL
Balcony Balcony
Bedroom Bedroom
Store Store Bathroom Bathroom
hp hp
Kitchen Kitchen Apt 4. Apt 3. 70.0 m2 70.0 m2
Hall Hall
Living Living
Hall NO. 177 GROUND FLOOR NO. 176 SECOND FLOOR 18 Apartments NO. 176 FIRST FLOOR (2 x Studios and 16 x 1 bedroom apartments) Terrace Terrace 6 Apartments (6 x large 1 bedroom apartments)
Property Description Bedroom 01 Bedroom Substantial double fronted period Property Description
Bathroom Bathroom terrace property (built c. 1850), StoreStore Double fronted Georgian property, arranged over 4 storeys. hp hp originally built c. 1850 and arranged
Kitchen Kitchen over 3 storeys. Gross Rent HallHHall all €301,860 per annum approximately Gross Rent Store €149,004 per annum approximately Apt 2. 2 Apt 1. Summary 67.0 m 60.0 m2 Building fully re-constructed in 1995. Living Bedroom 02 Living Summary Full interior refurbishment in 2003. Building fully re-constructed in 2007. Maintained to highest standard. Maintained to highest standard. NO. 176 ATTIC NO. 177 FIRST FLOOR
Drawings for illustration purposes only. Not to scale. Drawings for illustration purposes only. Not to scale. 18 19
NO. 178 NO. 149
Lounge Bedroom Studio Apt 5. 26.0 m2
Apt 6. 43.0 m2
Kitchen
hp Bathroom
Kitchen Bathroom hp
hp hp Store Bathroom Bathroom
Kitchen Kitchen
Apt 8. NO. 178 GARDEN LEVEL 37.0 m2 Studio Apt 7. Bedroom 28.0 m2 Lounge
NO. 149 GROUND FLOOR
Lounge Bedroom Lounge
Apt 3. Studio Apt 4. 43.0 m2 26.0 m2
Kitchen 8 Apartments Bathroom hp (3 x studios and 5 x Kitchen
Bathroom hp 1 bedroom apartments) 13 Apartments
hp hp
Bathroom Bathroom Kitchen (7 x studio and NO. 178 GROUND FLOOR NO. 178 FIRST FLOOR Kitchen Property Description 6 x 1 bedroom apartments) Double fronted period property measuring
Apt 2. Apt 1. 43.0 m2 50.0 m2 c. 230 sq.m, arranged over 3 storeys. Lounge Property Description Lounge Originally built c. 1850. Stairs to Stairs to Double fronted Georgian property, originally bedroom above bedroom above built c. 1850 and arranged over 3 storeys. Gross Rent €127,560 per annum approximately NO. 149 FIRST FLOOR Gross Rent €201,540 per annum approximately Summary Building fully re-constructed in 1990. Summary Full interior refurbishment in 2001. Building fully re-constructed in 1985. Maintained to highest standard. Interior refurbishment in 2002. Potential residential mews site to the Maintained to highest standard. NO. 178 ATTIC rear (SPP).
Drawings for illustration purposes only. Not to scale. Drawings for illustration purposes only. Not to scale. 20 21
Potential Residential Development Site Opportunity (subject to planning permission)
The vendor sought planning and architectural advice in May 2018. A planning report was commissioned by well-known planning advisor, Kevin Hughes of Hughes Planning and Development Consultants and a set of pre-planning drawings were commissioned and drawn by architect, Max Aughey of award winning architects Aughey O’Flaherty.
The site opportunity (to the rear of Rathgar Road) includes commercial use premises and are subject to commercial leases.
SUMMARY OF CURRENT COMMERCIAL TENANCIES
Commercial Unit 1 - 5a York Avenue: Tenant is in occupation since 2006 under a lease dated 1st September 2015. The passing rent is €22,800 per annum.
Commercial Unit 2 - Office mews to the rear of 176 Rathgar Road: Tenant occupies under two separate leases, ground and first floors. The combined passing rent is €32,400 per annum.
Commercial Unit 3 - Mews office space to the rear of 177 Rathgar Road: currently vacant.
PLANNERS & ARCHITECTS REPORT SUMMARY
• Redevelopment of the sites to the rear of the 175, 175a, 176, 177 and 178 Rathgar Road. • Due to proximity to the City and QBC, no requirement to provide parking. • Proposed development allows for the addition of c. 44 no. apartment units at Rathgar Road. • Mix of studio, 1 beds, 2 beds and 3 bed apartments. • The potential development would be laid out over three floors. Planning report and pre-planning drawings • Zoning allows for residential development (SPP). commissioned by award winning team. 22 23
POTENTIAL DEVELOPMENT (SPP) SAMPLE FLOOR PLAN FROM PLANNING FEASIBILITY STUDY - TO REAR OF 149 RATHGAR ROAD, DUBLIN 6 HUGHES PLANNING & AUGHEY O’FLAHERTY ARCHITECTS
TOP FLOOR - 175 -178 RATHGAR ROAD 2 Pre-Planning Report November 2017 Net Salable Area: 523m It is proposed to construct a contemporary
two-storey detached mews dwelling to the rear of No. 149 Rathgar Road.Pre-Planning The existing Report November 2017
dwelling will be retained. Access to the site is via a laneway which is accessed off Franfort Avenue. Private open space will be provided to the north-west of the proposed dwelling. 3 no. car parking options are provided for the purposes of this pre-planning.
The first option has no car parking spaces, due to the close proximity of the site to public transport. The other 2 no. options provide 1 no. car parking space.
One option for a car parking space will be a turntable, in order to maximise space on the site. The last option provides a car parking
space by providing space for a car to driveFigure 6.0 Option with turntable provided in and turn around. FIGURE 1.0 Option with turntable provided*
Figure 6.0 Option with turntable provided
*Subject to planning permission (SPP)
Figure 7.0 Option with turning area provided
4.0 Planning History
Figure 7.0 OptiFollowon withing turning a review area of prtheovided planni ng history on the subject site, the following previous planning application were identified. 4.0 Planning Hi story Reg. Ref. 1799/98 Planning permission granted on 9th NovemberFIGURE 1998 for 2.0 to erect a bus shelter. Following a review of the planning history on the subject site, theOption followin withg prev turningious planning area provided* application were identified. Reg. Ref. 1106/08 Planning permission refused on 26th February 2008 for 1 no. two-storey mews *Subject to planning permission (SPP) dwelling with a screened balcony at the rear accessed from Frankfort Avenue. Reg. Ref. 1799/98 Planning permission granted on 9th November 1998 for to erect a bus shelter. 4 th Reg. Ref. 1106/08 Rear ofPl No.anni 149ng Rathgar permission Road, Durefusedblin 6 on 26 February 2008 for 1 no. two-storey mews dwelling with a screened balcony at the rear accessed from Frankfort Avenue.
4 Rear of No. 149 Rathgar Road, Dublin 6 24 25
Market Overview
PRS Market Demographics Labour Market €
64,000 increase in population Annual increase in year to April 2019 driven € employment of 2.0% or 45,000 by positive net migration in the year to end Q2 2019. Dublin rents up Average rent in Record low levels One quarter of all and natural increase 4.5% in year to Dublin Q2 2019 of available rental dwellings in Dublin are June 2019. - €2064. properties in Dublin. private rented sector. 464,000 the population of the Fall in unemployment Dublin Region aged 25-44 of -9.4% of 13,600 in € € in April 2019 year to end Q2 2019. €
€ Demand for renting in the Dublin is the 4th most In Q1 2019, 344,000 18,000 net positive migration of € € persons classified as Average weekly earnings capital not slowing. expensive city in which to persons were € rose +3.5% in year to April 13,800 additional private rent in a survey of 53 global renting in Dublin. “at work” aged in year to April 2019 2019. rented€ dwellings in year to cities (source Eurostat). € April 2019.
“Full employment” in Dublin - Unemployment rate of 4.4% in Q2 2019.
Mid-East and Dublin continue to have highest median incomes in the State. Median income across the four Dublin region Local Authorities in 2016 was
€ €56,300 and is forecast to have risen further since. 26 27
Market Overview Summary
The Private Rented Sector (PRS) continues to perform strongly, with more than €720 million invested in the sector during the first half of 2019 accounting for 38% of all property transactions. This compares with 31% of total investment turnover in 2018 and reflects a sharp rise in the construction of new apartment schemes. Investment has been driven by strong demand for rental accommodation in the main urban centres, specifically in Dublin which is driving strong rental growth. The market has responded to this demand with the number of privately rented dwellings in Dublin increasing by 13,800 between Q1 2018 and Q1 2019.
One of the key drivers of demand in the sector is the growth in the number of people employed and the overall health of the labour market. Employment levels increased by 2% (+45,000 persons employed) in the year to June 2019 bringing overall employment to 2.3 million – the highest level on record. Unemployment remains at, or close to, ‘full employment’, at 5.2% as of August 2019 with labour market shortages increasingly being met by non-Irish national workers. Indeed non-Irish workers, who have a higher propensity to rent, now account for 16.7% of total employment in Ireland. Over the past ten years there has been a near 80% increase in the number of non-Irish nationals employed in the TMT sector, with jobs mainly concentrated in Dublin.
These trends are supportive for PRS demand in Ireland, both as a result of European and international preferences for rental over ownership, and the growth in the number of workers in professional highly paid jobs. In addition, the return of positive wage growth has contributed to rising rental levels, with average weekly earnings increasing by 3.5% in the year to June 2019.
Average rents in Dublin now stand above €2,000 per month and rental growth is forecast to continue albeit at a more moderate rate than in recent years. 28 29
Further Information & Contact Details
JOINT SELLING AGENTS
DNG BNP Paribas Real Estate 30 Leeson Park, 20 Merrion Road, Ranelagh, Ballsbridge, Dublin 6, Dublin 4, D06 H1W2 D04 C9E2 PSL: 004017 PSL: 002702 GARETH NOONE DAMIEN MCCAFFREY +353 1 491 2675 +353 1 661 1233 [email protected] [email protected] Rathgar Road Collection
DUBLIN 6 LEGAL BER DETAILS
DAVID R FOWLER Residential: David R Fowler Solicitors (incorporating Mark Ronayne Solicitors) Commercial: Tramway Cottage 19 Rathfarnham Road Terenure, Dublin 6W BER numbers available from selling agents.
TECHNICAL, PLANNING AND COMPLIANCE
AUGHEY O’FLAHERTY ARCHITECTS AWA RD WINNING PRACTICE IN ARCHITECTURE
Hughes Planning Aughey O’Flaherty O’Carroll Fitzgerald & Development Consultants Architects Consulting Engineers Disclaimer 70 Pearse Street, 32 Nassau Street, Unit 19, Charleville Town Centre, Messrs. DNG Group Ltd. & BNP Paribas Real Estate for themselves and for the vendors or transferors/lessors of the property whose agents they are, give Dublin 2, Dublin 2, Charleville notice that (i) The particulars are set out as a general outline for the guidance of intending purchasers or transferees/lessees, and do not constitute Ireland Ireland Co. Cork, part of, an offer or contract and are for guidance only. (ii) All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchasers or tenants should not rely on them as Ireland statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. (iii) No person in the employment of Messrs. DNG Group Ltd. or & BNP Paribas Real Estate has any authority to make or give representation or warranty whatever in relation to this sale.
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