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White Heather Ind. Estate & 307 South Circular Road, Dublin 8

Investment Property (6,740.00 sqm) Sold
of

Sold

Features

  • Entire inner city industrial estate and an adjoining house for sale
  • Site area of 1.15 ha / 2.84 acres approx
  • €542,000 per annum in rent
  • Immediate scope to increase rental income
  • WAULT of 7.3yrs (5.4yrs incl. breaks)
  • Potential for substantial redevelopment of site (subject to planning permission)
  • Tenants Not Affected

Location

  • Situated south west of Dublin city centre, along the northern bank of the Grand Canal
  • Established and extensive residential and neighbourhood-commercial area
  • South Circular Road is a main distributor road in the south inner city
  • Adjacent to Cork Street / Dolphin's Barn arterial route, main bus corridor, and Coombe Hospital
  • 5 minutes from LUAS and St. James's & new National Children's Hospitals
  • 5 minutes from Griffith College
  • Situated opposite Strategic Development & Regeneration Area

Full Description

  • Entire industrial estate and an adjoining three bedroom house
  • Site area of approx 1.15ha / 2.84 acres
  • Rental income of €542,000 per annum from five tenants with anticipated rental increases at rent reviews within the estate in 2019 and 2020
  • WAULT of 7.3yrs (5.4yrs incl. break options)
  • Commercial buildings extend to 6,635 Sq.M approx GEA
  • Individual warehouse units range in size from 450 Sq.M to 1,670 Sq.M approx
  • No. 307 South Circular Road extends to 105.5 Sq.M and comprises a two storey, three bedroom, red brick, period house (recently vacated) with a large garden
  • Sizeable strip of grass canal bank with approx 188m frontage included
  • Potential for substantial redevelopment of site (subject to planning permission)
  • Currently zoned Objective Z6 (Enterprise/Employment)

Tenancies

All seven warehouse buildings within the estate are currently leased and producing a rental income of €542,000 per annum. The tenants include An Post, DTW Capital Limited, BSS (Ireland) Limited, Modern Woodcraft Ltd and The Irish Cancer Society Limited.

The estate management store, the estate management office, and No. 307 South Circular Road are currently vacant with the latter suitable for immediate letting.

A full tenancy schedule is set out in the marketing brochure. 

Zoning

  • Majority of the site is zoned Objective Z6 under the Dublin City Council Development Plan 2016-2022 "To provide for the creation and protection of enterprise and faciliate opportunities for employment creation"
  • No. 307 South Circular Road is zoned Objective Z1 "To protect, provide and improve residential amenities"
  • The first display of the next draft development plan for Dublin City Council is due September 2021

Redevelopment Opportunity

  • Substantial, brownfield, inner city site of approx 1.15 ha / 2.84 acres
  • Situated on a main distributor road and adjacent to Cork Street bus corridor
  • Excellently serviced by public transport
  • Convenient walking distance of city centre
  • Established residential and neighbourhood-commercial location
  • In proximity to Griffith College and to the Coombe, St James's and new National Children's Hospitals
  • Approx 188m of canal frontage
  • Opposite Strategic Development & Regeneration Area
  • Clear case for rezoning
  • Obvious residential, PRS, student housing, nursing home, and mixed-use development potential (subject to planning permission)

Title

The estate is held under two long leasehold interests of 800 years from 1906 and 1908 respectively. Each lease is subject to an annual peppercorn rent. No. 307 South Circular Road, including No.307A, is held under a 999 year lease from 1874 and is also subject to an annual peppercorn rent.

Sales Process

The property is being offered for sale by way of Formal Tender. Completed Tenders must be submitted by 14.00hrs on Wednesday 07 November 2018.

Full access to a dedicated data room and to tender documents is available from the joint selling agents, PALRE and Lisney, subject to the completion of a non-disclosure agreement.

Joint Selling Agent

PALRE, 12 Hatch Street, Dublin 2. Tel: 01 6392916

Viewing Details

By appointment only with the joint selling agents.

BER Details

BER: B2-G

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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