TheGranary - PRS Investment Opportunity | For Sale by Private Treaty (Tenants not affected) - Cushman & Wakefield
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PRS Investment Opportunity | For Sale by Private Treaty (Tenants not affected)
The
Granary RICHMOND ROAD | DUBLIN 3
TUD – Grangegorman Campus
Drumcondra Rail Station
PRS Investment Opportunity | Page 2
Croke Park
The
Granary
The
Granary
Glasnevin Cemetery
INVESTMENT SUMMARY
Unique Multi-Family The subject property
investment property comprises a residential
within walking distance development along with
of the City Centre. a 0.044 acre site situated at
Richmond Road, Dublin 3.
The Granary | Richmond Road, Dublin 3 | Page 3
Located between Richmond The property comprises
Road and Distillery Road, a converted five storey
overlooking Croke Park to mill building comprising
the South and the grounds 14 apartments along with
of Holy Cross College to a storage units on the
the West. ground floor.
The property provides 4 The property is currently
one bed apartments, 9 two producing a total gross rental
bed apartments and 1 three income of €230,604 pa from
bed apartment. 13 apartments along with one
large vacant three bedroom
penthouse apartment.
One car space per unit Immediate opportunity to
with two car spaces increase rent receivable with
allocated to the penthouse. letting the vacant unit.
Cushman & Wakefield are instructed to seek offers in
excess of €5,000,000 (Five Million Euro) subject to contract
and exclusive of VAT, reflecting a net initial yield of 4.42%,
assuming standard purchaser costs of 4.46%.
LUSK
ASHBOURNE
BLAKES
LOCATION M1
CROSS
M2 The Granary is located approximately The area is a popular residential location DONABATE
2 km north of Dublin City Centre in the given its proximity to the City Centre and
Drumcondra area with a population of access to public transport comprising DART
approximately 8,637 persons (CSO 2016). and commuter rail services from Clontarf
The property is located immediately north and Drumcondra stations respectively and
of the River Tolka and south of Richmond quality bus corridors linking these areas to the
Road between Upper Drumcondra Road and City Centre.
Fairview Strand. SWORDS
TYRELLSTOWN
KILBRIDE
It is also within walking distance of the City
The development benefits from dual access Centre, Croke Park and TUD Grangegorman.
MALAHIDE
off Distillery Road and Richmond Road.
Adjoining occupiers comprise a mixture
of office, residential and educational uses. M1
N2
PORTMARNOCK
DUBLIN AIRPORT
PRS Investment Opportunity | Page 4
M50
SANTRY
Proposed Metro No
M1
M3
M50
BEAUMONT
rth
RDSTOWN
E
LIN
AIN
TRAIN LI
The TR
Granary
NE
DU
BLIN
DRUMCONDRA
TUN
CLONTARF
NEL
PHOENIX N1
PARK
M50 DUBLIN PORT
DUBLIN CITY CENTRE
E
LIN
ED
SR
LUA BALLSBRIDGE
LINE
CLONDALKIN CRUMLIN
LUAS GREEN
N7
M50
RATHFARNHAM
BLACKROCK
TALLAGHT DUN LAOGHAIRE
a popular residential location
DUNDRUM
N81
TR
SANDYFORD
AIN
MARLAY
IND. ESTATE
LIN
PARK
E
M50 N11 GLENAGEARY
M50
The Granary | Richmond Road, Dublin 3 | Page 5
PRS Investment Opportunity | Page 6
SITUATION
The Granary is a converted five storage unit, with the first to fourth
storey mill building finished with a floors providing three apartments.
cut stone façade with double glazed
windows at ground to fourth floor. The fifth floor provides a large
It comprises 14 modern apartments 3 bedroom penthouse apartment
along with shared storage units at which extends to approximately 316.8
ground level. The property comprises sq m (3,410 sq ft) and benefits from
a mix of one, two and three panoramic views of Croke Park, Holy
bedroom apartments throughout. Cross College and the City Centre.
One designated car parking space
provided with each apartment with There is also a site adjacent to the
two car spaces for the Penthouse. apartments which forms part of
the sale extending to approx. 0.044
Internally, the apartments are in very acres. It is located on the western
good condition with a mix of old a boundary with the Granary Distillery
new features. There is a passenger Lofts development. The site is
The Granary | Richmond Road, Dublin 3 | Page 7
lift with private security key access partially occupied by two single
to the property. The ground floor storey storage units.
provides one apartment along with a
TENANCY SCHEDULE &
INCOME ANALYSIS
Apartment Actual Annual Lease Lease
Type
No Monthly Rent Rent pa Start Expiration
1 2 Bed € 1,625 €19,500 10/01/2014 31/12/2020
2 1 Bed € 1,210 €14,520 26/07/2013 31/07/2020
3 2 Bed € 1,592 €19,104 09/12/2019 31/12/2020
4 2 Bed € 1,704 €20,448 09/05/2016 31/05/2020
5 1 Bed € 1,280 €15,360 01/10/2009 30/09/2020
6 2 Bed € 1,489 €17,868 13/12/2019 31/12/2020
7 2 Bed € 1,538 €18,456 01/09/2017 31/01/2021
8 1 Bed € 1,100 €13,200 14/11/2010 13/11/2025
9 2 Bed € 1,491 €17,892 24/09/2007 30/09/2020
10 2 Bed € 1,521 €18,252 26/07/2013 31/07/2020
11 1 Bed € 1,437 €17,244 24/01/2020 31/01/2021
12 2 Bed € 1,529 €18,348 05/07/2013 30/06/2020
13 2 Bed € 1,701 €20,412 03/06/2016 31/05/2020
15 3 Bed €0 €0 Vacant Vacant
TOTAL €19,217 €230,604
VAT
Further information upon request.
TENURE
Long Leasehold Interest. Further information
is available upon request.
SERVICE CHARGE AND SHORTFALL
Service Charge - €37,417.50 pa. LPT - €7,000 pa
BER
PROPOSAL
Cushman & Wakefield are seeking offers in excess of
€5,000,000 subject to contract and exclusive of VAT
reflecting a Net Initial Yield of 4.42% after the deduction
of standard purchasers’ costs of 4.46%.
VIEWINGS
By appointment only.
The
Granary RICHMOND ROAD | DUBLIN 3
CONTACT SOLE SELLING AGENT SOLICITOR
Peter Love
Email: Peter.Love@cushwake.com South Bank House,
Tel: +353 1 639 9612 Barrow Street. Dublin 4
Daniel Foreau Oliver FitzGerald
Email: Daniel.Foreau@cushwake.com Email: ofitzgerald@MHC.ie
Tel: +353 1 639 9395 Tel: +353 1 614 2308
PSRA No. 002222
Conditions to be noted: A full copy of our general brochure conditions can be viewed on our website at
http://www.cushmanwakefield.ie/en-gb/terms-of-use or can be requested from your local Cushman & Wakefield office.
We strongly recommend that you familiarise yourself with these general conditions.
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