37&38 Capel Street,
Dublin 1
FOR SALE
SALE AGREED
Investment Property
€2,950,000

Description
The subject properties consist of 2 x Ground Floor/Basement commercial units and 11 overhead apartments with 9 x 2 bedroom and 2 x 1 bedroom units. One of the retail units trades as "Moldova" while the other retail unit is in shell and core condition and extends over the ground and basement levels. There is an 8 person passenger lift providing access to the upper floor apartments. There is rear access to the building from Jervis Lane and designated areas in the basement of the building for waste collection and building services. There is a dedicated lift from the basement to street level for the moving of waste bins.

At ground floor level the building has a stone faade and large retail display windows with a large signage zone located overhead. The upper faade is traditional red brick with attractive sash style windows. There is 3 large 2 bedroom apartments fronting Capel Street and 8 apartments located to the rear and extending over the first, second, third and fourth floors. There is a feature courtyard separating the front and rear blocks on the upper floors. The apartments are all in good condition and are currently 100% occupied.

Portfolio Overview

- Total 13 Units: 2 Ground Floor Retail Units (1 x Occupied Retail Unit, 1 x Vacant Retail)
and 11 Apartments Overhead.

- Apartments are 9 x 2 bedroom and 2 x 1 Bedroom and are located in a superb letting location being close to Dublin City Centre and major employers and colleges.

- Current Passing Rent- Approx. 19,700 per month ( 236,400 per annum)

- Portfolio is approximately 92% occupied and offers significant asset management opportunities and future rental growth.

- There is currently high demand for well located residential rental properties and with low market supply rents are increasing significantly.

Location
The subject properties are located on the eastern side of Capel Street close to its intersection with Mary Street. The location enjoys high visibility. The subject properties are located close to Dublin City Centre and its various amenities. Adjoining occupiers include McQuillan Tools, Louis Copeland, Ladbrokes and AIB.

The exceptionally convenient location is within walking distance of DIT Bolton Street, Trinity College, Blackhall Place and the Four Courts, while a multitude of shopping facilities are available at Capel Street, Jervis Street and Henry Street. There is also a wide range of cafes and restaurants on offer. Transport links are particularly strong in the area. The LUAS red line has stops on Abbey Street and the Four Courts with numerous Dublin Bus Routes serving the adjoining streets. Metered parking is provided on Capel Street and surrounding streets with further public multi-story facilities at Parnell Centre, the ILAC Centre and Jervis Street.

Property / Lease Details

Unit Tenant/Occupied Type/Beds Rent p.c.m
GF Retail Mr Lilian - Moldova Shop 4,333
GF Retail VACANT Shop 0.00 ERV 5,000
Apt 1 Occupied 2 1,400
Apt 2 Occupied 2 1,400
Apt 3 Occupied 2 1,600
Apt 4 Occupied 2 1,300
Apt 5 Occupied 2 1,750
Apt 6 Occupied 2 1,400
Apt 7 Occupied 2 1,350
Apt 8 Occupied 2 1,500
Apt 9 Occupied 2 1,600
Apt 10 Occupied 1 1,150
Apt 11 Occupied 1 1,000
19,700 pcm


Floor Areas

Unit Number Floor Type Area sq. m
Retail 1 Ground Floor - Front & Rear Retail 184
Retail 2 Ground Floor & Basement Retail GF: 100 BM: 198
1 1st Floor - Rear 2-Bed Apartment 65
2 1st Floor - Rear 2-Bed Apartment 60
3 2nd Foor - Rear 2-Bed Apartment 65
4 2nd Foor - Rear 2-Bed Apartment 60
5 3rd Floor Rear 2-Bed Apartment 65
6 3rd Floor - Rear 2-Bed Apartment 60
7 4th Floor - Rear 1 Bed Penthouse 55
8 4th Floor - Rear 1 Bed Penthouse 51
A 1st Floor - Front 2-Bed Apartment 121
B 2nd Floor - Front 2-Bed Apartment 121
C 3rd Floor - Front 2-Bed Apartment 121
TOTAL 1,326 sq. m

BER rating: C2
14,272 sq. ft.
Nick O Loughlin
Property Surveyor
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