The ongoing reorganisation and rationalisation by Bank of Ireland of its branch network presents an interesting redevelopment opportunity for developers and investors involved in the delivery of residential rental accommodation for the Dublin market.
Having operated as one of the bank's branches for many years, number 85-87 Swords Road is being offered to the market on behalf of its owners, the Layden Group, at a guide price of €900,000.
While the subject property remains let to Bank of Ireland until June 2022 at a rent of €112,000 per annum, it is being marketed by the selling agent, Hooke & MacDonald, as a redevelopment opportunity primarily.
The property currently comprises a two-storey double-fronted terraced building laid out as a banking hall on the ground floor (205sq m/2,206sq ft) with offices and a canteen (112sq m/1,206sq ft) on the first floor.
Full planning permission has been granted by An Bord Pleanála for the redevelopment of the property to provide new ground-floor retail accommodation of 386sq m (4,155sq ft) and six apartments overhead. On the first floor there is planning for four one-bedroom apartments and two one-bedroom plus-study apartments on the top floor.
Flexibility
The Viscount Public House adjoins the property to the immediate north while a Chinese takeaway is located in the adjoining building to the immediate south, which could potentially create a larger site. To the rear of the site is a small laneway which provides access to the commercial block.
The property offers the prospective purchaser the flexibility to either redevelop the property or to re-let it once the current lease expires in June 2022.
Number 85-87 Swords Road is well located in north Dublin between Drumcondra and Santry. The property is situated to the south of the junction between the Swords Road, the M1 motorway and Collins Avenue.
The property is also set to benefit from the proposed Collins Avenue MetroLink station which is due for completion in 2027. Once complete, this will connect Swords to Charlemont Street, and link Dublin Airport with Irish Rail, Dart, Dublin Bus and Luas services.
The property and its surrounding area, meanwhile, are well served by a range of amenities including numerous educational institutions, retail outlets, restaurants, bars, parks, and recreational offerings. DCU is located within 800m of the property, Omni Shopping Centre is conveniently located approximately 1.3km to the north and Drumcondra village is approximately 1.6km to the south.
