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The Merrion Collection, Dublin 2

Investment Property (798.00 sqm) For Sale by Private Treaty
of

Price Offers in Excess of €9,000,000

Features

  • Substantial asset holding situated at the mid-way point between the five star Shelbourne Hotel and the five star Merrion Hotel
  • The portfolio is generating a reversionary rent of €433,000pa
  • The collection comprises four high profile properties available as a single lot
  • The entire extends to approximately 798 sq.m (8,600 sq.ft) on a Gross Internal basis.
  • Potential for a substantial city centre development (subject to planning).
  • Site area of approximately 0.152 acres.

Location

Introduction

The Merrion Collection provides investors with a rare opportunity to acquire four adjoining properties located in one of Dublin’s most dynamic commerce and leisure districts.

Located just 250 metres from St. Stephen’s Green, the collection has been assembled over recent years to create a substantial block of property in what is a uniquely underdeveloped portion of Dublin city centre.

The entire extends to a combined 798 sq.m (8,600 sq.ft) approximately on a GIA basis and is fully let through four separate tenancies. Notably, all of the current rents are considered reversionary, providing future asset management opportunities to increase the rent roll.

The collection offers diversity in terms of its exiting uses which include Restaurants, Bar, Banking, and Residential. Asset management opportunities which include lease renewals in the short term should see an increase in the passing rent, income yield, and the secure lease term. Alternatively, a successful purchaser may seek to undertake a scheme of redevelopment acrossthe entire (subject to planning).

Location

The properties are located just of St Stephens Green. The immediate area is regarded as one of Dublin’s leading leisure, retail and corporate locations being positioned between the five star Shelbourne Hotel and the five star Merrion Hotel, beside Dáil Éireann. The surrounding location is home to a number of notable office occupiers such as the Royal Hibernian Academy, the Department of Finance, Emirates Airline, Aercap and Bank of Ireland. St Stephens Green is one of Dublin’s largest tourist attractions and provides an excellent amenity to the surrounding area. Grafton Street, Dublin’s premier high street is also close by.


St Stephen’s Green is a major transport node and accommodates for the starting point of the new Luas Cross City stop linking the Red and Green lines, which is located to the front of St Stephens Green Shopping Centre. A number of bus routes operate in area which is aided greatly by the Quality Bus Corridor (QBC) on Leeson Street. The area has numerous car parks within close proximity such as St. Stephens Green / RCSI multi storey car park, Brown Thomas car park and Dawson Street car park.

Full Description

Development Opportunity 

The arrangement of properties offers significant scope for investors to extensively re-develop (subject to planning) a prime city centre site in a bustling quarter of Dublin. Prior to the assembly of the collection , portion of the offering was granted planning permission in 2008 under reference number and 5437/08, for the development of mixed use development extending to 1,419 sq.m. This planning history provides a good reference for a potential development of the enlarged site in the near future. A planning report has been prepared by John Spain and Associates which is available on request.

 

Zoning 

The majority of the property is located in area zoned Z5 under the Dublin City Council Development Plan 2016-2022 “to consolidate and facilitate the development of the central area, and to identify, reinforce, strengthen and protect its civic design character and dignity”. Z5 offers a range of permissible uses such as Residential, Hotel, Medical, Public House and Restaurant for example.

A small portion of the property is located in an area zoned Z8 under the Dublin City Council Development Plan 216-2022 “To protect the existing architectural and civic design character, and to allow only for limited expansion consistent with the conservation objective”.

Accommodation

    Accomodation

    The approximate gross internal floor areas for the properties are set out in the table below.

     

    Property Floor Sq.m (GIA) Sq.ft (GIA)

    13A Merrion Row, 

    Marcels

    Ground 

    First

    184

    83

    1,980

    893

      Subtotal 267 2,873

    13 Merrion Row, 

    Nationwide Building Society 

    Ground

    First

    51

    39

    548

    420

      Subtotal 90 968

    12A-D Merrion Court,

    The Unicorn Restaurant and Apartments

    Ground 

    First

    182

    166

    1,960

    1,786

      Subtotal 348 3,746

    5 Merrion Court,

    Vinoteca

    Entire 93 1,010
    Total   798 8,597

    All interested purchasers are specifically advised to verify the floor areas and undertake their own due dilligence in respect of the floor areas.

     

     

    Tenacies 

    Property Floor Tenant Rent Term Lease Start Lease End Break
    13A Merrion Row Entire Central Catering Ltd t/a Marcels €150,000 3 years  13/04/2015 13/04/2018 N/A
    13 Merrion Row Entire Nationwide Building Society  €58,000 10 years  05/02/2010 04/02/2010 N/A

    12A-D Merrion Court

    &

    5 Merrion Court 

    Ground

     

     

    Entire

    Advanved Point Ltd t/a Unicorn 

     

    t/a Vinoteca

    €185,000 2 years 9 months & 18 days 12/05/2015 02/03/2018 N/A
    12A-D Merrion Court First Merrion Court Rentals Ltd €40,000 2 years 9 months & 18 days 12/05/2015 02/03/2018 N/A
    Total     €433,000        

     

     

     

BER Details

BER: D1-F

Solicitor

Sheehan and Company Solicitors, 1 Clare Street, Dublin 2, T: 01 661 6922

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

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