An office investment property with development potential in Glasthule, South Dublin and a warehouse property in Finglas will be auctioned by QRE Real Estate Advisers on the Offr auction platform in early December.
The office investment at 1-4 Adelaide Road, Glasthule, comprises a 10,750 sq ft three storey stand alone building and has a target price of €1.95 million to be auctioned in December right
Fully leased to Houlihan Cushnahan & Co at an in-place rent of €107,250 per annum on a 20-year lease dated September 2007 and expiring August 2027. At the guide price, which corresponds to a gross initial yield of 5.5 percent. There are renter-only break options in 2024 and 2026, and a pending rent review from 2022 could be initiated by an incoming investor.
QRE sells on behalf of a recipient.
QRE’s Harry Byrne points out that its development potential is reflected in its zoning as a Neighborhood Center in the 2022 Dún Laoghaire-Rathdown County Development Plan. 2028, which would allow for the development of assisted living, education, guest house, healthcare facility and housing. Other uses that planners may consider include: to- Rent and student housing.
It borders the car park of the newly opened Greedy Eagle pub, formerly The Eagle House Pub, which was put up for sale by the Loyola Group last year, 2.8 million euros sought. However, Loyola changed his mind, pulled it from the market and instead opted for a major overhaul and renamed it the Greedy Eagle.
QRE will also auction Unit 9 Finglas Business Centre, Jamestown Road in December at a guide price of €550,000 that would correspond at a net initial yield of 7 percent.
It has recently been leased to Latsia Limited trading as Elegant John Bathrooms on a 15 year lease from July 2022 at a temporary annual rent of €42,500 ( approx. €8.50 per sqm ft) and must be checked for market rent after the fifth year. Renter- just break Options may apply in years five and ten .
It is a medium-sized warehouse with an area of 4,997 m² ft and comes with another 1,249 sqft. of office/showroom space within the unit, through the ground floor and first floors.
https://www.independent.ie/business/commercial-property/a-pair-of-dublin-investments-to-go-for-december-auctions-42168529.html A pair of Dublin investments for December auctions