Commercial Investment Opportunity: Fully Let Offices and Car Spaces

For Sale

149 James St

| Dublin 8

| D08 P303

€

425,000

Offers in excess of

Summary

Fully let investment opportunity- ground floor offices c. 150 sq.m. / 1,615 sq.ft. plus 13 basement car spaces ideally located on James’ Street close to James’ Hospital and adjoining the new Guinness Quarter. Net initial yield of 9.32% with obvious asset management potential.

Location

No 149 is well-located on the northern side of James’ Street- the main throughfare (R810) running west from Christchurch towards Kilmainham. It is across from the St. James’ Hospital complex which includes the National Children’s Hospital (currently under construction).

St. James’ Street is within easy walking distance of the city centre and the Four Courts.

The area now known as the Guinness Quarter is about to be redeveloped and transformed. Plans have been approved by Dublin City Council for a major redevelopment of the historic St James’s Gate brewery. The masterplan is for over 12 acres of now disused brewery lands.

The area bounded by James Street to the north and Market Street South and Belview to the south, will be transformed into Dublin’s first Zero Carbon District, comprising new residential, commercial and leisure uses all set within over 2 acres of new public spaces and pedestrians streets.

Sitting alongside the Guinness Storehouse, the new district will include:

336 residential units, of which 20% will be social housing managed by The Iveagh Trust
A new 300-seater performance space
A market and food hall, showcasing the best of Irish craft and produce, located off a new central public space
A hotel, developed within the Victorian-era buildings along James Street
A wide range of commercial, retail and community spaces, complementing the nearby GEC Guinness Enterprise Centre.

The masterplan introduces more than two acres of public outdoor spaces, all landscaped to create pockets of greenery to surprise and delight. The largest of these spaces is a versatile public square for people to gather and socialise. New streets will connect through to the surrounding area, ‘opening the gates’ of St James’s Brewery and integrating with the neighbourhood through sustainable walking and cycling routes.

The masterplan retains the site’s industrial heritage with the refurbishment, repurposing, and extension of heritage structures. Many of its most important features such as the iconic St James’s Gate, No 1 Thomas Street (which was originally the home of Arthur Guinness) and the early Brewhouses 1 and 2 will be restored and repurposed. A planning application is already under consideration to redevelop Brewhouse 2 into a new corporate headquarters for Diageo in Ireland.

With an ambition to be the city’s first Zero Carbon District, the masterplan features sustainable urban design at its best, with elements of contemporary architecture and urban design that complement and respect the site’s industrial heritage, set within attractive and walkable streets and public spaces.

Situation

No. 149 is on the northern side of Jame’ Street just 125m from the St. James’ LUAS stop and 90m west of the junction with Bow Lane and Steeven’s Lane.

Description

Fully let, attractive investment opportunity comprising modern, ground floor offices (occupied by Michael Kelleher Solicitors) with extensive frontage onto James’ Street and 13 basement car spaces accessed from Bow Lane.

Asking Price in excess of €425,000

Accommodation

Approximate Net Internal Areas:

	sq.m.	sq.ft.
Reception	49.4	532
Open Plan Office	74.5	802
Meeting Room 1	6.8	73
Meeting Room 2	6.6	71
Meeting Room 3	6.9	74

Total NIA	144.2	1,553

Proposal

We are instructed to seek a figure in excess of €425,000, subject to contract, reflecting a net initial gross yield of 10%, or a net initial yield of 9.32% assuming purchaser’s costs of 9.96%

Investment Considerations

Modern office lease to an individual t/a Michael Kelleher Solicitors.
Rent review July 2017 from €24,000 to €30,000.
Deed of renunciation executed so landlord has full benefit of the local regeneration uplift at expiry of the term (July 2027).
Car spaces occupied under licence agreements. Demand for parking in the area is high and likely to increase when National Children’s Hospital opens.
A purchase at the asking price reflects an attractive net initial yield of 9.32% after deducting standard purchaser costs.
Asset management opportunity: increasing car space income and considering alternative uses of the ground floor office at lease expiry (July 2027)

Contact Lead Agent