37/38 Capel Street, Dublin 1

Price €6,500,000

N/A bedroom, N/A bathrooms, investment property for sale

14,000 sq.ft.

Laura Kane

Property Description

Dillon Marshall and JLL have been instructed to sell by private treaty 37-38 Capel Street, Dublin 1. The property provides an excellent opportunity for investors to secure a multi-let mixed-use residential and retail investment in the heart of Dublin City Centre.

The mixed-use development is located midway along Capel Street, next door to the Louis Copeland shop. The 11 apartments include three extra-large two bedroom units, six two bedroom units and two
one bedroom top floor apartments. All apartments briefly comprise an entrance hallway, bright and spacious living/ dining room and kitchen.

Retail Specification:
– Two retail units at ground and basement level.
– Unit 1 trades as ‘The Bike Shop Dublin’ and is laid out over ground
floor and basement.
– Unit 2/3 trades as ‘The Moldovan Retail Store’ and is fully fitted as a
convenience store across ground floor with rear access

Residential Specification:
Spacious bedroom and living accommodation
– Very well located
– Modern fitted kitchen units
– Sash windows in select apartments
– Decorative coving
– Access to balconies in select units
– Intercom
– Bathrooms comprise wc, whb and bath/shower

Tenancy information:

Residential
The 11 apartments are let under multiple agreements. We understand notice has been served on this tenant and Vacant Possession will be obtained in the coming weeks with a view to reletting these
apartments on standard 12 months residential tenancy agreements. The remaining 5 apartments are let to private individuals on varying lease terms and rent.

Assuming all apartments have been relet on standard 12 months residential tenancy agreements, we believe that the residential aspect of the property should generate 298,000 of rental income per annum.

With various lease terms, vacancy and low passing rents this investment provides excellent asset management opportunities for an incoming purchaser

Commercial:
Unit 1 is currently let to Pawel Kubeczek and is trading as a Bike Shop. The unit has a passing rent 55,000 per annum and is let on a 10 year lease from January 2021 with a mutual landlord and tenant break option in January 2025. The next Market Rent Review is in January 2025. Unit 2/3 is occupied by The Moldovan Retail Store on a 15 year lease from August 2021 with no break options. The
passing rent is 75,000 per annum. The next Market Rent Review is in August 2025.

In total, the commercial element of the property currently
produces 130,000 per annum.

BER: C1 > F

Guide Price:
Offers in excess of 6,500,000 (subject to contract and exclusive of VAT)

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