An attractive commercial investment at 1-4 Camden Street Lower has come to the market for sale through Lisney.
The interest being sold comprises the three upper floors of the building, together with part ground and basement accommodation. The total floor area is approximately 1,365.6 Sq. M (14,700 Sq.Ft) on a gross internal area basis. The entire is let to Health Escape Limited which operates a fitness centre/gym under the Iconic Health Club brand. The lease is for 15 years from September 2011 at a passing rent of €100,000 per annum. The successful purchaser will benefit from an imminent rent review due in September 2016, with the current passing rent considered reversionary. The tenant has a remaining break option in September 2021.
The building, located at the high profile junction of Camden Street Lower and Montague Street, dates from 1925 and was originally designed as a purpose built department store (Gorevan Brothers). In 1979 the Irish Nationwide Building Society acquired it and altered it for office use. Then in 2003, the property was sold again and split into two distinct elements –the main ground floor and basement retail unit (now in separate ownership) and three upper floors with part ground and basement accommodation. The property is listed as a protected structure due to its architectural significance.
The upper floors are accessed from an independent ground floor entrance lobby off Camden Street Lower, with a separate escape route onto Montague Street. A passenger lift services the basement, ground, first, and second floors, with the third floor accessed by staircase only. The floor plates are largely rectangular in nature and benefit from ample natural light via the large windows along the facades and a three storey internal glass atrium. The first floor also has the added feature of an external courtyard area.
Lisney is selling the property by Private Treaty. Offers are being sought in excess of €1,500,000, which represents an immediate net initial yield of 6.38%.
Christopher Belton commented
‘Investors will be attracted by the reversionary nature of the investment opportunity, with the current rent equating to just €6.80psf on the gross internal area (roughly €8.80psf on an estimated net internal area basis). In the long term, the property has development potential (subject to planning permission) to add roughly 200 Sq.M (2,150 Sq.Ft) of accommodation along Montague Street, as well as potential to convert the floors back into office use, which attracts significantly higher rental values.'