31 Capel Street, Dublin 1, Capel Street, Dublin 1

Sale Agreed

Beds
Price	Sale Agreed
Property Type	Investment Property
Size	350 meters²
Energy Rating	BER-
Refreshed on
Eircode	D01R928

Description

Tenant Not Affected Summary Excellent, freehold mixed-use investment property with significant asset management potential on Capel Street. Tenants not affected. Location Capel Street is a newly pedestrianised and well-established retail and leisure thoroughfare connecting the Henry Street / Mary Street area to the quays and linking up with Temple Bar/ south city centre via Parliament Street. Smithfield which lies immediately to the west of Capel Street is undergoing huge transformation from a traditional market area to a new urban quarter including plans for exciting redevelopment of the former Dublin City Fruit Markets for gourmet food and associated uses. Capel Street was named in 2022 as the 22nd coolest street in the world in Time Out Magazine. It includes an eclectic mix of traditional retail and pubs complemented by new food and beverage operators. Among the notable neighbours are: Louis Copeland- Gentlemen's Tailor and Outfitter; Panti Bar; Brother Hubbard; Bar 1661 and many others. Transport options include the adjacent LUAS (Red Line), LUAS (Green Line) on O'Connell Street, rail at Heuston and Connolly Stations and the many Dublin Bus Routes on the quays. Situation 31 is ideally situated on the sunny side of Capel Street, approximately midway between the junctions with Mary Street and Middle Abbey Street and in the prime, pedestrianised section with very high footfall. Other occupiers nearby include Panti Bar, Louis Copeland, Musashi Noodle Bar and McNeill's pub.

Accommodation

Accommodation Retail Unit Retail - 88.42 sq.m. / 952 sq.ft. (NIA) Basement Stores - 36.6 sq.m. / 393 sq.ft. (NIA) Shared rear yard with parking for one car. First Floor Studio Apartment Living room / Bedroom - 21.0 sq.m. Kitchen - 7.11 sq.m. Shower room - 3.45 sq.m. Gross Internal Area - c.33.63 sq.m. / 362 sq.ft. First Floor Two - Bed Apartment Kitchen / Living room - 11.32 sq.m. with door to private terrace Bedroom - 7.56 sq.m. Bedroom - 7.4 sq.m. Shower room - 4.16 sq.m. Gross Internal Area - c. 47.1 sq.m. / 507 sq.ft. Second & Third Floor Three - Bed Duplex Apartment Living room - 23.33 sq.m. Kitchen - 9.12 sq.m. Shower room - 5.94 sq.m. Bedroom 1 - 10.0 sq.m. with ensuite bathroom - 2.27 sq.m. Bedroom 2 - 11.85 sq.m. Bedroom 3 - 9.58 sq.m. WC / Utility room - 2.8 sq.m. Gross Internal Area - c.98.54 sq.m. / 1,060 sq.ft. Tenure - Freehold Tenancy Ground Floor and Basement. From July 2016. 10-year IRI lease to individual trading as K-Nails. Rent recently reviewed at €45,000. K-Nails is a successful beauty business with branches on Capel Street and Wicklow Street. First Floor Studio Apartment- €670 per month. Rent Review due July / August 2023. First Floor Two-Bedroom Apartment- €1,165. Rent Review due July / August 2023. Second & Third Floor- Duplex, Three-Bedroom Apartment. This Apartment comes with Vacant Possession. Most recent rent was €1,495 per month. Rent Review due July / August 2023. Covenant Information on K-Nails' payment history available on request. Tenants not affected by the sale. VAT - Not applicable Proposal For Sale by Private Treaty at an asking price of €1.35m equating to an initial yield of 6.3% following the recent ground floor rent review at €45,000. Investment Considerations No. 31 Capel Street is a very well-located, mixed-use investment in a proven rental area with strong demand for retail and residential space. The ground floor and basement tenant has a thriving business and an excellent rental payment history. The rent review has just been completed at €45,000 demonstrating the tenant's commitment to the property. Demand for residential units to rent in the area is far in excess of supply. The newly redecorated duplex unit is particularly large and appealing. This apartment also comes with vacant possession. Asking price of €1.35m equates to an initial yield 6.3%. Rent review is due on the residential rents in July / August 2023.

Features

Description 31 Capel Street is a particularly attractive Victorian, brick-fronted building with an unusual, large, semi-circular window at first floor level. This fine, four-storey over basement building includes a retail unit at ground floor with basement stores and three residential units on the floors above with separate access from Capel Street. There is a shared rear yard with parking for one car and electric shuttered access onto Jervis Lane. The property has been extensively refurbished and modernised and presents an attractive investment opportunity requiring no additional expenditure. Landlord improvements to the property include full teak shopfront, heating, ventilation and air conditioning system in the ground floor retail unit, teak double-glazed windows to the front and triple-glazed, low-maintenance windows to the rear. Each apartment has separate gas and electric meters and gas fired central heating. The building has been completely reroofed with a modern fibreglass roofing system. There is a fully certified fire alarm system to entire building and a convenient janitor's closet with sink at first floor level. The passing rents are substantially below Market Rents, so the new owner will have significant asset management opportunities.

Description

Accommodation

Features

31 Capel Street, Dublin 1, Capel Street, Dublin 1

Sale Agreed

Description

Accommodation

Features

Map

Mortgage calculator

Price Changes In Capel Street

Property Price Register