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13A The Crescent Monkstown, Co. Dublin

Investment Property (149.78 sqm) For Sale by Private Treaty
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Price Guide price €1,000,000

Features

  • High profile commercial property located in Monkstown Village
  • Leased to Avoca Handweavers Shops Limited t/a Avoca on a 15-year lease from 1st November 2017
  • Lease is guaranteed by Aramark Ireland Holdings Limited
  • Excellent unexpired lease term of approx.7.75 years to break option & approx. 12.75 years to expiry
  • Current passing rent of €90,000 per annum rising to €97,000pa in 2023 & €105,000pa in 2026
  • Future Redevelopment Potential (S.P.P.)
  • Net initial yield of 8.18% and fixed reversionary yields of 8.82% and 9.55%

Location

The property is located in the centre of Monkstown village. Monkstown is an attractive coastal suburb, situated between Blackrock and Dun Laoghaire. It is approximately 9 kilometres south of Dublin’s city centre. The surrounding area is a mix of commercial and residential use.

There is an array of services and amenities in the area, with a range of shops and restaurants including FX Buckley, 8A Brasserie, Bresson, Salt and Seapoint Restaurant.

The area benefits from excellent public transport links including the DART and bus services. The DART at Salthill and Monkstown station provides efficient, reliable transport to the city centre within 20 minutes.

A number of regular bus services pass the property.

Full Description

13A The Crescent comprises a quaint two-storey mid-terrace commercial property currently used as a café and occupied by the well-known, high end operator, Avoca. The front of the property is laid out to provide for a customer serving area along with a sizable self–contained seating courtyard / customer area.

The rear of the ground floor provides for male and female staff facilities, toilets, staff canteen and storage accommodation. There is a self–contained yard to the rear.

The first floor includes a kitchen area, cold-room and further storage accommodation.

Tenancy

The subject property is leased to and occupied by, Avoca Handweavers Shops Limited t/a Avoca on a 15-year lease from 1st November 2017 at a current passing rent of €90,000 per annum rising to €97,000 per annum on 1st November 2023, €105,000 on 1st November 2026, and subject to a rent review in the tenth year. A side letter dated 8th May 2019 outlines ‘on rent review pursuant to the lease (forth schedule) the rent cannot be reviewed to any figure which is less than €104,500 per annum…

There is a break option in the tenth year subject to compensation to the landlord of €275,000. The lease is guaranteed by Aramark Ireland Holdings Limited.

Tenure

We understand that the subject property is freehold/long leasehold.

Redevelopment Permission

Planning permission was granted by both Dun Laoghaire Rathdown County Council and An Bord Pleanala in 2010 and subsequently extended in 2014 for the change of use and extension of the premises to provide a retail and office development (ABP Ref. PL06D.234290, DLRCC Reg. Ref. D09A/0291/E). This permission, which provided a total development area of 271 sq m was not implemented and expired on 20 January 2020. This permission demonstrates the future development of the property subject to planning permission.

Avoca Café Permission

A decision to grant planning permission was made by Dún Laoghaire-Rathdown County Council for change of use to a cafe with outdoor seating courtyard on 19th December 2019 under Dun Laoghaire Rathdown County Council planning reference D19A/0513. This is currently under appeal (ABP Ref. PL06D.306456).

Price 

Offers are sought in the region of €1,000,000, which represents a NIY of 8.18% and fixed reversionary yields of 8.82% and 9.55% (after the deduction of standard acquisition costs at 9.96%).

Viewing Details

By special appointment with the sole letting agent, Lisney.

Accommodation

    The approximate gross internal floor area (GIA) is as follows:

    Description

    Sq.m

    Sq.ft

    Ground floor

    103.87

    1,118

    First floor

    45.91

    494

    Total

    149.78

    1,612

    All interested purchasers are specifically advised to verify the floor area and undertake their own due diligence.

BER Details

BER: D1

Contact Details

Address: St Stephen's Green House, Earlsfort Terrace, Dublin 2
Telephone: +353-1-638 2700 or you can also email us at dublin@lisney.com

Lisney for themselves and the Vendor/Lessor whose Agents they are give notice that:

1. These particulars do not constitute any part of an offer or contract.

2. All statements contained in these particulars as to this property are made without responsibility on the part of the Agents or the Vendor/Lessor and none of the statements contained in these particulars as to this property are to be relied on as statements or representations of fact.

3. The particulars, various plans, photographs, dimensions, references to condition and permissions for use and occupation  are given in good faith and are believed to be correct but their accuracy is not guaranteed and any intending Purchasers or Tenants shall satisfy themselves by inspection or otherwise as to correctness of each of them. No omission, accidental error or misdescription shall be ground for a claim for compensation or for the rescission of the contract by either the Vendor/Lessor or the Purchaser/Tenant.

  4. Neither the Vendor/Lessor nor Lisney nor any person in their employment has any authority to make or give any representation or warranty whatever in relation to the property. 5. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the Purchaser/Tenant shall be liable for any VAT arising on the transaction. PSRA No. 001848.

Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only.

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