38 39 - Amazon S3s3-eu-west-1.amazonaws.com/mediamaster-s3eu/8/7/... · 38-39 Brochure design by...
Transcript of 38 39 - Amazon S3s3-eu-west-1.amazonaws.com/mediamaster-s3eu/8/7/... · 38-39 Brochure design by...
FOR SALEPRIME GEORGIAN MIXED-USEINVESTMENT OPPORTUNITY
LEESON STREET LOWERDUBLIN 2
38-39
ST STEPHEN’SGREEN
FITZWILLIAMSQUARE
LUAS
LUAS LUAS
LUAS
MERRION SQUARE
SOUTH DOCKSTREET PARK
R I V E R L I F F E Y
R i v e r L if f e yR i v e r L if f e y
IVEAGHGARDENS
HERBERTPARK
TRINITY COLLEGE
BUSSTATION
CUSTOMHOUSE
CONNOLLYSTATION
TARA STREETSTATION
PEARSE STREETSTATION
GRAND CANALDOCK STATION
DUBLINESTATE
LANSDOWNE ROADSTATION
SANDYMOUNTSTATION
G R A N DC A N A L
R I V E R L I F F E Y
1
6
2
3
5
4
MESPIL ROADWILTON TERRACE
HERBE
RT PL
ACE
GRAND PARADE
CANAL RD
CHARLEMONT RD
GROVE RD
ADELAIDE RD
HADDINGTON ROAD
BATH AVENUE
TRITONVILLE ROAD
SHELBOURNE ROAD
O'CONNELL STREET
LWR BAGGOT ST.
PEMBROKE ROAD
SUSSEX ROAD
CAMDEN ST UPR
HARCOURT ST
HATCH ST
CAMDEN ST LW
R
CUFFE ST
AUNG
IER
STRE
ET
LOWER MOUNT ST.
LOWER GRAND CANAL ST
HANOVER QUAY
BENS
ON
STRE
ET
GRAN
D CA
NAL
QUAY
CITY QUAY
GEORGE'S QUAY
CUSTOM HOUSE QUAY
ASTON QUAY
BURGH QUAY
EDEN QUAY
BACHELORS WALK
PARNELL ST
WELLINGTON QUAY
ORMOND QUAY LOWER
WOOD QUAY ESSEX QUAY
MERCHANTS QUAY
INN'S QUAY
CLAN
BRAS
SIL
ST
PATR
ICK
STRE
ET
FRANCES STREET
SOUTH CIRCULAR ROAD
ST STEPHENS GREEN SOUTH
ST STEPHENS GREEN NORTH
PEARSE STREET
PEARSE STREET
PEARSE STREET
MAC
KEN
STRE
ETGU
ILD
STRE
ET
SIR JOHN ROGERSON’S QUAYSIR JOHN ROGERSON’S QUAY
TOWNSEND STREET
ABBEY ST LOWER
ABBEY ST MIDDLE
ABBEY ST UPPER
CAPEL STREET
MARY STREET
HENRY STREET
AMIE
NS S
TREE
T
MERRION SQUARE S
MERRION SQUARE N
BAGGOT STREET
MER
RION
ST
UPR
KILD
ARE
STRE
ET
DAW
SON
STRE
ET
FENIAN ST
GRAF
TON
STRE
ET
DAME ST
MARLBOROUGH ST
GARDINER ST LOWER
TARA STREET
ST S
TEPH
ENS
GREE
N EA
ST
BARR
OW
STR
EET
EAST
WAL
L RO
AD
LEESON STREET LOWER
ORMOND QUAY
AVIVASTADIUM
Shelbourne ParkGreyhound
Stadium
BORD GÁISTHEATRE
3Arena
D'OLIER ST
Bus Routes
TRANS-Luas Lines Train Sta- Dublin Bike Taxi Ranks
PROPERTY OVERVIEW
A GREAT LOCATION
Prime Georgian mixed use investment opportunity
Excellent city centre location
Mix of office, leisure and residential use throughout
extending to approx. 1,400.8 sq m
(15,080 sq ft) GIA
Includes two no. three bedroom mews properties
to the rear
Commercial WAULT of 2.76 years
to lease expiry (as at 11/10/2018)
Total passing rent of €358,300 per annum from 9 commercial
and residential tenants
9 surface car parking spaces
situated to the rear
Freehold Title Offers sought in excess of €5,150,000
reflecting a Net Initial Yield of 6.41% after the deduction
of standard acquisition costs
of 8.46%
3.1
LEESON STREET LOWER38-39
LEESON STREET LOWER38-39
Iveagh Gardens
Shelbourne Hotel
Fitzwilliam Square
Merrion SquareGrafton Street
Conrad Hotel
Luas LineSt. Stephen’s Green
ST STEPHEN’SGREEN
FITZWILLIAMSQUARE
LUAS
LUAS LUAS
LUAS
MERRION SQUARE
SOUTH DOCKSTREET PARK
R I V E R L I F F E Y
R i v e r L if f e yR i v e r L if f e y
IVEAGHGARDENS
HERBERTPARK
TRINITY COLLEGE
BUSSTATION
CUSTOMHOUSE
CONNOLLYSTATION
TARA STREETSTATION
PEARSE STREETSTATION
GRAND CANALDOCK STATION
DUBLINESTATE
LANSDOWNE ROADSTATION
SANDYMOUNTSTATION
G R A N DC A N A L
R I V E R L I F F E Y
1
6
2
3
5
4
MESPIL ROADWILTON TERRACE
HERBE
RT PL
ACE
GRAND PARADE
CANAL RD
CHARLEMONT RD
GROVE RD
ADELAIDE RD
HADDINGTON ROAD
BATH AVENUE
TRITONVILLE ROAD
SHELBOURNE ROAD
O'CONNELL STREET
LWR BAGGOT ST.
PEMBROKE ROAD
SUSSEX ROAD
CAMDEN ST UPR
HARCOURT ST
HATCH ST
CAMDEN ST LW
R
CUFFE ST
AUNG
IER
STRE
ET
LOWER MOUNT ST.
LOWER GRAND CANAL ST
HANOVER QUAY
BENS
ON
STRE
ET
GRAN
D CA
NAL
QUAY
CITY QUAY
GEORGE'S QUAY
CUSTOM HOUSE QUAY
ASTON QUAY
BURGH QUAY
EDEN QUAY
BACHELORS WALK
PARNELL ST
WELLINGTON QUAY
ORMOND QUAY LOWER
WOOD QUAY ESSEX QUAY
MERCHANTS QUAY
INN'S QUAY
CLAN
BRAS
SIL
ST
PATR
ICK
STRE
ET
FRANCES STREET
SOUTH CIRCULAR ROAD
ST STEPHENS GREEN SOUTH
ST STEPHENS GREEN NORTH
PEARSE STREET
PEARSE STREET
PEARSE STREET
MAC
KEN
STRE
ETGU
ILD
STRE
ET
SIR JOHN ROGERSON’S QUAYSIR JOHN ROGERSON’S QUAY
TOWNSEND STREET
ABBEY ST LOWER
ABBEY ST MIDDLE
ABBEY ST UPPER
CAPEL STREET
MARY STREET
HENRY STREET
AMIE
NS S
TREE
T
MERRION SQUARE S
MERRION SQUARE N
BAGGOT STREET
MER
RION
ST
UPR
KILD
ARE
STRE
ET
DAW
SON
STRE
ET
FENIAN ST
GRAF
TON
STRE
ET
DAME ST
MARLBOROUGH ST
GARDINER ST LOWER
TARA STREET
ST S
TEPH
ENS
GREE
N EA
ST
BARR
OW
STR
EET
EAST
WAL
L RO
AD
LEESON STREET LOWER
ORMOND QUAY
AVIVASTADIUM
Shelbourne ParkGreyhound
Stadium
BORD GÁISTHEATRE
3Arena
D'OLIER ST
Bus Routes
TRANS-Luas Lines Train Sta- Dublin Bike Taxi Ranks
A GREAT LOCATION
LOCATIONThe subject property is prominently located on Lower Leeson Street, approx. 0.2 km south of St. Stephen’s Green and approx. 150 m north of Leeson Street Bridge, on the western side of the street. Leeson Street is a primary thoroughfare linking the N11 national route with the city centre.
The area is an established Georgian location with office occupiers nearby including The Institute of Education, The Australian Embassy, The Cypriot Embassy and Dublin Institute for Advanced Studies. The central nature of this location ensures ease of access to a range of amenities including St. Stephen’s Green, Iveagh Gardens and Fitzwilliam Square, all within a short walking distance.
Leeson Street is well serviced by public transport including the Charlemont Luas stop approx. 700 m away. Dublin Bus operate frequent services from Leeson Street while Pearse Street DART station is also situated nearby.
LEESON STREET LOWER38-39
THE PROPERTY38-39 LOWER LEESON STREET COMPRISES TWO ADJOINING FOUR STOREY OVER BASEMENT GEORGIAN BUILDINGS EXTENDING TO A TOTAL NET INTERNAL AREA OF APPROXIMATELY 1,400.8 SQ M (15,080 SQ FT).
The property is arranged to provide a nightclub at basement level with office accommodation located on the ground, first and second floors. Internally, the property is in good condition throughout and retains a number of period features including sash windows, coving and cornicing. The office accommodation benefits from CAT 5 cabling. The top floor comprises two no. 2 bedroom apartments, one of which has access to a private balcony via no. 38.
There are two no. 3 bedroom three-storey mews properties situated to the rear of the building and fronting onto
Leeson Place. Primary access to the office and residential accommodation is via Leeson Street with a secondary access to the rear via Leeson Place.
The nightclub has two separate access points situated at the front and rear. The property benefits from 9 surface car parking spaces at the rear of the building.
SCHEDULE OF ACCOMMODATION
38-39 LOWER LEESON STREETFloor Use Sq M (GIA) Sq Ft (GIA) Sq M (NIA) Sq Ft (NIA)
Basement Nightclub 372.4 4,008
Ground Offices 220.6 2,376 113.2 1,219
First Offices 245.8 2,646 188.5 2,028
Second Offices 212 2,282 139 1,496
Third Residential 186.1 2,003
Mews
38a Residential 80 861
38b Residential 79.3 854
TOTAL 1,400.8 15,080 440.7 4,744
Please note these areas were measured and certified by Malcolm Hollis. A copy of the full report, which is assignable to the purchaser, is available in the online data room.
ZONINGThe subject property is located in an area zoned Z8 - “To protect the existing architectural and civic design character, and to allow only for limited expansion consistent with the conservation objective” under the Dublin City Development Plan 2016 – 2022.” The property is a listed building on the Dublin City Council Record of Protected Structures.
TENANCYThe below tenancy schedule provides a summary of existing tenancies within the building.
Tenants Floor Lease Start Date Term Lease Expiry Break Passing
Rent (pa) Use Comments
Patrick O'Keeffe. Guarantor: Taurus Catering Limited and Stonehead Limited
Basement of 38 and 39 Lower Lesson
Street 24/05/2012 10 years 23/05/2022 €130,000 Place of Public
Entertainment
The lease allows for fixed annual uplifts of €5,000 per annum. The
current contracted rent is €160,000
per annum.
Urban Property Solutions Limited
Ground, First & Second Floors, 38
Lower Leeson Street
17/06/2016 5 years 16/06/2021 16/06/2019 €53,000 Offices
Urban Property Solutions Limited
Carpark License 17/06/2016 5 years 16/06/2021
Rolling break option
subject to two months
written notice
€12,000 Car parking 4 car parking spaces
Rational Reproduction t/a Waterstone Clinic
Ground & First Floor Return,
39 Lower Leeson Street
TBC 1 year TBC €24,000 Offices
Phison Limited t/a Fenestra Pro
First Floor, 39 Lower Lesson
Street 01/07/2016 3 years 30/06/2019 €25,000 Offices Includes 1 car
space
Marie Walshe, Eve Watson & Donna Redmond t/a Leeson Analytic Centre
Rooms 1,2,3 and 4 on the 2nd floor and
room 5 on the 2nd floor return of 39
Lower Leeson Street
01/05/2016 4 years 9 months 31/01/2021 €25,500 Offices
Apartment 2, 39 Lower Leeson Street
Third floor 18/04/2015 Residential Tenancy €21,600 Residential
Penthouse, 39 Lower Leeson Street
Third Floor 21/06/2013 Residential Tenancy €20,400 Residential
38a Lesson Place Residential Mews 05/09/2014 Residential
Tenancy €24,000 Residential
38b Leeson Place Residential Mews 11/07/2014 Residential
Tenancy €22,800 Residential
Total €358,300
FOR SALEPRIME GEORGIAN MIXED-USEINVESTMENT OPPORTUNITY
LEESON STREET LOWERDUBLIN 2
38-39
Brochure design by
PROPOSALOffers sought in excess of €5,150,000 reflecting a Net Initial Yield of 6.41% after the deduction of standard acquisition costs of 8.46%.
VATFurther information upon request.
BER
VIEWINGSBy appointment only.
Donal M. Gahan, Ritchie & Co. 36 Baggot Street LowerDublin 2 D02 XE16
JOSEPH RITCHIE +353 (1) 676 7277
FURTHER INFORMATION
CONTACTS SOLICITORS
GARETH MCKEOWN+353 (1) 531 [email protected] No. 003754-006391
CLIVE ROCHE+353 (1) 639 [email protected] NO: 002222-004568
BRIAN GAFFNEY+353 (1) 531 [email protected] No. 003754-001264
MARK FITZPATRICK+353 (1) 639 [email protected] No. 002222-006104
Disclaimer: Conditions to be noted: 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property to be relied on as a statement or representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail. 5. The terms, Vendor and Purchaser, where the context requires shall be deemed to refer to Lessor and Lessee and Landlord and Tenant respectively. 6. Prices are quoted exclusive of VAT (unless otherwise stated) and the purchaser/lessee shall be liable for any VAT arising on the transaction. 7. The Vendor reserves the right not to accept the highest or any offer made.