Commercial Investment, Frederick House, 2 Hardwicke Street, Rotunda, Dublin 1, D01K4PK

Frederick House

| Dublin 1

| D01 K4P5

€

750,000

Subject to contract

Commercial Investment, Frederick House, 2 Hardwicke Street, Rotunda, Dublin 1, D01K4PK

For Sale

Frederick House

| Dublin 1

| D01 K4P5

€

750,000

Subject to contract

Summary

Frederick House is a mid-terrace, three-storey over basement, period property comprising retail unit on the ground floor and two floors of offices overhead, along with an additional residential flat. It is an attractive investment and asset management opportunity in Dublin city centre.

Location

The property is located on Hardwicke Street close to the junction of Frederick Street North, approximately 700 metres north of The Spire on O’Connell Street.

The North Inner City is a major area of focus for future regeneration. Dublin City Council have plans to redevelop Dorset St and St. Mary’s Place located less than 500 metres from the subject property. The development will include the construction of 163 homes, in a mix of houses duplexes and apartments.

Dublin Central site is another large development planned in the immediate area. The developers Hammerson are planning the redevelopment of the 5.5 acre site to include a new civic square, 97 residential units, 5,400 sqm of retail space, two new hotels & 44,300 sq.m of workspace area.

Notable neighbouring occupiers include several hospitals including The Rotunda and Mater Private Hospital. The surrounding area has a high population of students with IBAT College on North Frederick Street & TU Dublin, Grangegorman Campus located within close proximity of the subject property.

The area is well served by numerous restaurants and cafes. Public transport links are also in abundance with numerous Dublin Bus routes, Dublin Bike depots, Drumcondra Rail Station and the Parnell stop on Luas green line less than 500 metres away.

Situation

Fredrick House is on Hardwicke Street close to its junction with Frederick Street North. It presents investors with the opportunity to acquire a reversionary period investment property with huge potential to improve the income level through active asset management.

Description

The property comprises a mid-terrace, three-storey over basement, brick fronted period property currently fully let, but offering immense asset management opportunity as the rents are considerably lower than market rates.

The ground floor is currently in use as a retail convenience store with the basement in storage use.

The first floor is in office use and is occupied by an accountancy firm t/a Moneybooks 4 You.

The second floor is part office occupied by a skin care clinic and part residential flat which is currently tenanted.

The retail unit features plastered and painted walls and ceiling with florescent tube lighting and wood vinyl flooring. There is also a large display window on the shop front.

The office specification is of similar standard, finishes include vinyl wallpaper and wood flooring.

Kitchenette facilities and WC are provided for on the returns, Heating is gas fired.

Accommodation

Approximate floor areas are:

Ground Floor
Retail	44.41 sq.m.
Store Room with WC on return	10.32 sq.m.
First Floor
Front Room with double doors to rear room	17.18 sq.m.
Front Room 2	10.92 sq.m.
Rear Room	17.65 sq.m.
First Floor Return WC
Second Floor
Front Room 1	16.22 sq.m.
Front Room 2	10.58 sq.m.
Rear Room (Residential) with single WC	16.15 sq.m.
Shared Landing / Kitchenette	4.47 sq.m.
Return Kitchenette	2.61 sq.m.
Basement
Front Room	27.83 sq.m.
Store Room 1	2.31 sq.m.
Store Room 2	8.32 sq.m.
Kitchenette	0.74 sq.m.
Total net internal area 189.71 sq.m. / 2,042 sq.ft.

Tenancies

Unit	Tenant	Term	Commence	Rent (Ex VAT)
Ground Floor & Basement	Private individual t/a Hodma Shop	4 years 9 months (Expired)	11/11/2017	€18,000
First Floor	Moneybooks 4 You Business Consulting	3 years (Expired)	01/12/2019	€10,200
Second Floor	Mr. Romel Sultanov / Skin Care Clinic	2 years 9 months (Expired	01/03/2019	€6,000
Second Floor	Private individual (Residential)	TBC	TBC	€6,000

Covenant

Details of tenant covenant and guarantors available on request

VAT

The property is not subject to VAT

Proposal

Asking Price: €750,000 exclusive of VAT.

Total passing is €40,200 exclusive of VAT and service charges.

At the asking price of €750,000 this equates to a gross yield of 5.36% or a net yield of 4.87% after standard acquisition costs. Estimated rental value is €58,000 equating to a gross yield of 7.73% or a net yield of 7.06% after costs.

BER: Exempt

Investment Considerations

The property would benefit from some active asset management and has strong reversionary potential.

The estimated market rent for the building is c.€58,000. Reflecting a gross yield of 7.73% & a net yield of 7.03%.

The existing residential tenant can be served notice to vacate the flat. The remainder of the tenants are all over holding and can be renewed to market rent under modern lease terms.

Contact Lead Agent

Simon Stokes

+353 1 2334600

simon@stokesproperty.ie

Nick Boyle

087 4674733

nick@stokesproperty.ie

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