Frederick House, 2 Hardwicke Street, Rotunda, Dublin 1, North City Centre, Dublin 1

€750,000

Beds
Price	€750,000
Property Type	Office
Size	189.71 meters²
Energy Rating	BER-Exempt
Refreshed on
Eircode	D01K4PK

Description

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 property 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 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. 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 7.03% after costs.

Features

Tenancy Ground Floor & Basement / Tenant - Private individual t/a Hodma Shop / Term - 4 years 9 months (expired) / Commence - 11/11/17 / Rent (Ex. VAT) - €18,000 First Floor / Tenant - Moneybooks 4 You Business Consulting / Term - 3 years (expired) / Commence - 01/12/2019 / Rent (Ex. VAT) - €10,200 Second Floor / Tenant - Mr. Romel Sultanov Skin Care Clinic / Term - 2 years 9 mnths (expired) / Commence - 01/03/2019 / Rent (Ex. VAT) - €6,000 Second Floor / Tenant - Private individual (Residential) / Term - TBC / Commence - TBC / Rent (Ex. VAT) - €6,000

BER Details

BER: Exempt

Viewing Details

Stokes Property Simon Stokes | Nick Boyle 0878263333 | 0874674733 simon@stokesproperty.ie nick@stokesproperty.ie

Description

Accommodation

Features

BER Details

BER: Exempt

Viewing Details