A terrace of six mixed-use buildings opposite Fagan’s pub at Lower Drumcondra Road in Dublin 9 is expected to attract local interest when it goes for sale this week on the instructions of a receiver.
Turley Auctioneers says that the portfolio is currently producing a rental income of €74,500 and that if a number of the houses were upgraded the rent roll could possibly rise to more than €120,000.
The plan is to sell the range of two-storey properties in either one, two, three or four lots at over €1.1 million.
All six houses have good-sized car parking spaces at the rear and, according to Turley, there is some development potential here if the new owners can secure vacant possession of any leased sites before seeking planning permission.
The range of properties have a high visibility located as they are along the NI route from the city centre to Dublin Airport and Northern Ireland. Minutes away there is another parade of neighbourhood shops including Tesco, EBS, Lloyds Pharmacy and Drumcondra Village Medical Centre.
The details:
143 Lower Drumcondra Road is a mid-terrace commercial building with three or four car parking spaces. The 33.9sq m (364sq ft) ground floor is let to Jaber Hair Creations at a rent of €13,992. Forte Piano Music rents a further 82.7sq m (890sq ft) on the first floor at €12,000.
147 Lower Drumcondra Road has an overall floor area of 111.5sq m (1,200 sq ft) and three or four parking spaces. Celtic Halls Accommodation pays a rent of €8,000 for the ground floor and there is a one-bedroom apartment overhead in need of upgrading.
149 Lower Drumcondra Road, a two-storey commercial building, has an overall floor area of 14sq m (1,582 sq ft). Take Time Spa occupies the ground floor at a rent of €17,000 on a four-year and nine-months lease from 2015. The first floors of 149-155, extending to 110.7sq m (1,191sq ft) are let as a series of individual offices.
151 and 153 Lower Drumcondra Road has parking for between 10 and 15 cars. Budget Car Rentals occupies the ground floor of 151 on a 20-year lease from 2005 at a rent of €23,900. The first floor is linked into the office running from 149-155.The ground floor of 153 is let separately.
155 Lower Drumcondra Road has 67.1sq m (682sq ft) at ground-floor level which was formerly occupied by a dry cleaners. The first floor is linked into the office space already mentioned. A workshop to the rear has a floor area of around 92.9sq m (1,000sq ft).
