McNally Handy are delighted to present an excellent opportunity to acquire a retail/ residential investment in Dublin 2 (Gross ERV 9.4% based on 995,000 quoting price). No. 3 is a mid-terrace three storey over basement building located on the bustling thoroughfare of Lombard Street East.
The ground floor accommodation briefly comprises of two ground floor retail units, occupied by Lunch (restaurant/cafe) and Mailboxes Etc (post and mail distribution) respectively, both of whom have been in place since May 2004 (further lease details below). The basement, first floor and second floor accommodation is independently accessed via a doorway in the centre of the front facade.
The basement is currently occupied and in use as a 2 bed apartment comprising 2 bedrooms, living/dining area and kitchen with shower room off.
The first and second floors each contain a recently refurbished and renovated 2 bed apartment, each comprising 2 double bedrooms (master ensuite), separate shower room/toilet, and open plan kitchen/living/dining area. Both are currently in use for Air B n’ B lettings from 277 per night each, and combined can accommodate 6 guests each when living room sleeping potential is utilised.
All apartments have WiFi connectivity.
All sections of 3 Lombard Street are separately metered.
Lease/Tenancy Details are as follows:
– Ground Floor – “Lunch” commercial unit – 10 year lease from November 2016 at 15,250 per annum – no break options – Rent review to Market Rent in November 2021 – Tenant in Place since 2004
– Ground Floor – “Mailboxes” commercial unit – 10 year lease from August 2016 at 10,000 per annum – no break options – Rent review to Market Rent in August 2021 – Tenant in Place since 2004
– Basement – in use as 2 bed apartment – currently monthly rollover tenancy at 950 per month – 11,400 per annum – ERV 1,200 per month – 14,400 per annum
– 1st Floor – 2 bed apartment – currently Air B n’ B – potential for private apartment letting – ERV 2250 per month – 27,000 per annum
– 2nd Floor – 2 bed apartment – currently Air B n’ B – potential for private apartment letting – market rent estimated in region of 2250 per month – 27,000 per annum
(Total ERV – retail assessed to be at ERV levels – 93,650 per annum)
Lombard Street is a well-established trading street which runs north towards the River Liffey away from Pearse Street This property is within walking distance of a host of shops, cafes and restaurants and Trinity College. Pearse Street Dart Station and the Green and Red Luas line are easily accessed also. The area is set to enhance further following the introduction of the MetroLink system, planned for completion in 2027.