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192-194 Harolds Cross Road, Harolds Cross, Dublin 6w

Investment Property (180.00 sqm) Sale Agreed
of

Sale Agreed
2 bedrooms    

Features

  • High profile position at the south east corner of the ‘triangle’ in the centre of Harold’s Cross
  • The ground and first floors are currently in office use while the second and third floors are in residential use as 1 bedroom apartments.
  • Asset managment opportunity in the short to medium term.
  • Tenants not affected.

Location

The property is situated at a high profile position on the western side of Harold’s Cross Road at the south east corner of the ‘triangle’ in the centre of Harold’s Cross. Harold’s Cross Road is a main arterial route leading into the city centre and out to the south city suburbs. The surrounding area consists mainly of commercial uses fronting onto Harold’s Cross Road and largely residential uses fronting onto Harold’s Cross Green.

Full Description

The property comprises a modern four storey mixed use building built in circa 2005. The ground and first floors are currently in office use while the second and third floors are in residential use in the form of two 1 bedroom apartments. The upper floors are accessed off Harold’s Cross Green via an enclosed lobby and staircase. Both of the one bedroom apartments enjoy scenic views over Harold’s Cross Green which is an added feature and improves their desirability from tenants and purchasers alike. Retention planning was granted in 2007 for the change of use of the first floor to offices. This included the addition of a doorway from the rear of ground floor office into the lobby, providing access to the single stairwell serving the upper floors. 


The total building extends to approximately 180 sq.m (1,937 sq.ft). The ground floor office extends to 36.9 sq.m and the upper floors are approximately 47.7sq.m each. We are advised that there are four car parking spaces with the property – two facing Harold’s Cross Road and two facing the green.

 

Tenancies 

Opes Wealth occupy the ground and first floors of the building on a 10 year lease from 1st December 2016 at a rent of €24,000 per annum. The tenant has the benefit of a break option in December 2020 and December 2023, subject to at least six months' prior written notice for each.

The second floor one bedroom apartment is currently vacant, offering investors the opportunity to increase the current passing rent almost immediately. The property was most recently leased at €1,100 per calendar month with the tenancy ending in April 2017.

The third floor one bedroom apartment is currently leased at €1,250 per calendar month (€15,000 per annum), with the tenancy expiring April 2018.

The total passing rent from the property is therefore €39,000 per annum. The estimated rental value for the property exceeds €55,000 per annum.

Viewing Details

By special appointment with the sole letting agent, Lisney.

Accommodation

    We understand the property extends to the below;

     

    Floor Size sq.m Size sq.ft  
    Ground 36.9 397.19  
    First 47.7 513.44  
    Second 47.7 513.44  
    Third 47.7 513.44  
    Total 180 1,937  

     

    Potential purchasers are specifically advised to verify the floor areas as part of their due dilligence.

     

Lease Details

Opes Wealth Trust occupy the ground and first floor on a new lease from December 2016 they are currently paying a rent of €24,000p.a. The second floor apartment is currently vacant and offers an asset managment opportunity in the short to medium term while the top floor is let on a yearly tenancy at €1,100 per month.

BER Details

BER: D2-G
BER No. 800567935

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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