Those investors looking to gain a foothold in Dublin’s hugely sought-after Liberties area will be interested in a newly constructed mixed-use property that has been brought to the market at a guide price of €3.2 million by agent CBRE.
The property, at 98-99 Francis Street, comprises a five-storey building extending to 659sq m (7,094sq ft) with a ground-floor retail unit and seven residential units overhead. The residential component consists of three one-bed apartments and four two-bed apartments, including a top-floor penthouse. The accommodation has been finished to a high standard, and each unit has its own balcony. There is a landscaped urban courtyard to the rear for use by all occupants.
The apartments are fully let and producing a gross rental income of about €180,000 per annum. The € 3.2 million guide price equates to a net initial yield of 4 per cent following acquisition costs.
Vibrant area
The ground-floor retail unit has own-door access and extends to 101sq m (1,089sq ft). The unit has planning permission for food and beverage use, and offers the prospective buyer the opportunity to increase the building’s current rental income significantly.
The property, just 950m from St Stephen’s Green and 750m from Camden Street, is expected to prove attractive to a range of potential occupiers. The immediate surrounding area has seen a wave of activity lately, with numerous student accommodation and hotel developments under construction. The area is also home to Teeling whiskey distillery and Dublin’s largest tourist attraction, the Guinness Storehouse.
Fiona Kennedy of CBRE’s capital markets division says: “98 - 99 Francis Street presents a fantastic opportunity to acquire a newly constructed residential property in a vibrant and upcoming area. The apartments are fully let and will see further uplift from current rental levels with an opportunity to add value through the leasing of the ground-floor retail unit.”
