A motor showroom with extensive parking at Goatstown, Dublin 14, is to be sold as an investment through HT Meagher O’Reilly.
The agent is seeking €1.5 million for the showroom which is rented at €120,000 per annum. There is a mutual break option at the end of year three. The arrangement also allows the landlord to take possession of the property at the end of a five-year term. The showroom, workshop, valet area and 71 car-parking spaces traded as an Audi centre and were rented for a period by Murphy & Gunne while its Milltown showrooms were being upgraded.
Current lease
The Goatstown premises are currently leased by Charles Hurst Dublin Ltd, a subsidiary of the Lookers plc Group, the leading UK motor retailer which has a number of dealerships covering some of the top franchises. The company recently moved into the premises with the Audi range of motors on a five-year lease and has secured planning permission to carry out cladding work on the main premises.
The overall property extends to 0.35 of a hectare (0.86 of an acre) and was earmarked for a residential development a number of years ago. Planning permission was originally granted in 2004 for a 34-unit duplex apartment scheme but another application three years later for 49 apartments was refused by An Bord Pleanála. The site also has the benefit of a Section 5 planning consent for a retail unit with a net lettable area of no more than 600sq m (6,458sq ft).
Ross Fogarty of HT Meagher O’Reilly said the property would provide a purchaser with a secure short to medium term income while the property market continued to recover. Ultimately, the property had the potential for a large redevelopment with a significant growth in capital value.
