A wide range of developers, investors and owner occupiers are expected to express an interest in the sale of 174 Rathgar Road and The Bungalow, York Avenue.
Located at the heart of the much sought-after Dublin 6 area, the subject portfolio, which is being offered for sale at an overall guide price of €2 million, briefly comprises a substantial period house and a bungalow on a 0.1 acre site with development potential to the rear.
The sale of the portfolio is being split into three lots with vacant possession of each. Lot 1 comprises eight apartments in a two-storey over-basement period house (281sq m/3,025sq ft) with ample parking to the front and rear, while lot 2 comprises a bungalow facing onto York Avenue. The bungalow site would be suitable, according to the selling agent Knight Frank, for two mews houses or a multi-unit scheme (subject to planning permission). There is currently a bungalow (118sq m/1,270sq ft) and a single-storey garage (34sq m/366sq ft) on the rear site.
Ross Fogarty of Knight Frank says he expects the Rathgar Road property to appeal to investors looking for a value-add opportunity. The eight apartments would have an estimated rental value of about €120,000 per annum once a refurbishment is carried out he says, offering the purchaser a potential gross yield of 8.2 per cent. The apartments comprise four studios, three one-bed units and one two-bed unit.
Well located
The €1.2 million guide price attached to Lot 1 equates to a capital value of €516 per sq ft, leaving the buyer with significant room for capital growth. To put that figure in perspective, nearby properties are currently seeking in the region of €650 to €675 per sq ft.
Fogarty says he expects the bungalow and 0.1 acre site to the rear of the main property to appeal to owner-occupiers and to developers who are either looking to add units to the existing standing stock at the front or to develop a separate scheme entirely. Lot 2 is guiding a price of €800,000.
The Rathgar Road portfolio is well located within close proximity to the villages of Rathgar and Rathmines. Both are largely-residential suburbs offering a comprehensive mix of amenities that include primary and secondary schools, nursing homes, childcare and sports facilities, and public transport to the city centre. Both villages are well served by a selection of restaurants, cafes, pubs, financial institutions and shops, as well as The Swan Shopping Centre.
In terms of its accessibility, Rathgar Road is a main artery route into Dublin city centre. The subject property is located just 2km from St Stephen’s Green, and 5.5km from junction 11 of the M50 motorway. The Luas green line stop at Ranelagh is 1km away while numerous Dublin Bus routes operate along Rathgar Road itself.
