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Investment opportunities with mixed-use prospects

Lots priced between €1m and €2m for sale in Dublin, Gorey and Tralee
written by QRE Editor  /  12 Sep 2019

THREE investment opportunities in Dublin, Gorey and Tralee have been brought to the market this week by agents QRE for separate sales at prices ranging from €1.17m to €1.9m.

The most valuable of them is the Phoenix Building, The Mall, Tralee, Co Kerry, which forms part of the town's prime central retail core.

Sports retail chain Elverys occupies most of the space, including ground and two upper floors with CeX, the phone and smart technology chain, and Coffee Start occupying the other two ground-floor units.

Its overall annual rent roll is €207,500 and its guide price of €1.9m reflects a net initial yield of 10pc.

A three-storey red-brick Edwardian building, Phoenix House extends to 663.7 sq m (7,144 sq ft), and was originally a department store.

The current owners, a local family, virtually rebuilt the property in 1985.

Eddie Barrett, of REA Norths, who is joint agent with Ellen Prenderville, of QRE, expects it will attract interest from local, national and international investors given the high profile of the building and its asset management potential.

Separately Ms Prenderville is also handling the sale of a tranche of 24 vacant residential units at Seafield Resort, Ballymoney, Gorey, Co Wexford, which have a combined €1.75m guide price. Accommodated in three blocks of courtyard family suites, they include 12 two-bedroom apartments and 12 three-bedroom duplex apartments. They are located on the grounds of the Seafield Resort Hotel which was built in 2007 and is located within a few minutes' walk of Ballymoney Beach.

She expects strong interest from local and national investors.

Her QRE colleague Bryan Garry is handling the sale of a mixed-use investment at 19 Baggot Street Upper, Dublin 2, which has a €1,175,000 guide price.

It is fully let and producing a total passing annual rent of €88,150, which equates to a net initial yield of 6.92pc after purchasing costs.

He points out that it also has development potential in its rear yard.

The four-storey over-basement period building extends to 2,200 sq ft and has been well maintained.

Its ground and lower-ground levels extend to 1,149 sq ft and are let to O'Briens Sandwiches & Café.

Its upper floors extend to 1,050 sq ft and benefit from own-door access. These are let to an architectural firm. The leases expire in 2028 and 2029 respectively.

While a protected structure, its rear yard benefits from mixed-use zoning which may offer further development potential.

Earlier this year two adjoining investment properties at 15 and 17 Upper Baggot Street, sold for €3.05m.

Press release, Donal Buckley - Irish Independent