Agent BDM Property (formerly Bagnall Doyle MacMahon) is guiding a price of €7.5 million for a substantial mixed-use commercial and residential investment in the heart of Dublin’s south city centre.
Located at the intersection of Dame Street and Parliament Street and at the entrance to the city’s Temple Bar district, number 1 Parliament Street, the subject property comprises a landmark four-storey over-basement redbrick period building of 946sq m (10,182 sq ft). The ground floor and basement level extends to 424sq m (4,564sq ft) and is occupied by a licensed premises known as The Beer Temple and The Oak (formerly Thomas Reades). This portion of the property is let on a 20-year lease from 2022 at a rent of €220,000 annually.
There is a break option in year 15. Overhead, there are ten fully upgraded apartments comprising six one-beds and four two-beds which are all vacant and ready for first letting. Each apartment has been upgraded to a high standard and all have an abundance of natural light with some having exceptional views of Dublin Castle and the surrounding area. Access to the apartments is divided between Dame Street, Parliament Street and Crane Lane.
[ Prime investment portfolio on Grafton Street and Nassau Street seeking €16mOpens in new window ]
Declan Bagnall of BDM Property says: “The sale of this mixed-use city centre commercial and residential investment property offers the investor the opportunity to acquire a fully upgraded property with buyer flexibility on how to structure the residential leases. Combined, the building offers the potential for substantial annual rental income especially given the current strong demand for well-located residential apartments and rental growth.”
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With commercial income of €220,000 already in place and with BDM Property projecting rental income of €300,000 for the upper floors, the building’s estimated total rent roll of €520,000 annually offers the investor a potential yield of 6.5 per cent based on the €7.5 million guide price.
