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For Sale by Private Treaty – Tenants not affected Superb Mixed Use Investment Opportunity Castle Street, Dalkey, Co. Dublin
For Sale by Private Treaty – Tenants not affected
Superb Mixed Use Investment OpportunityCastle Street, Dalkey, Co. Dublin
Castle Street, Dalkey, Co. Dublin Investment Opportunity KnightFrank.ie
This attractive collection offers investors the opportunity to acquire two separate investment properties in the heart of Dalkey. The properties provide a secure income with excellent potential for rental growth.
Investment Summary
Location
The two properties are located at the entrance to Dalkey village close to Dalkey Castle. Dalkey is a much sought after affluent coastal village in South County Dublin approxi-mately 15.5 km from Dublin City Centre. Boasting a beautiful coastline and numerous amenities, Dalkey is a popular location with both residents and commercial businesses alike.
Due to its history and location, Dalkey attracts a large number of tourists and visitors annually. Some key attractions include Dalkey Castle, Bulloch Harbour, Dalkey Island, Dalkey Quarry and Killiney Hill Park. Visitors can participate in numerous activities in-cluding historical walking tours, rock climbing, abseiling, paragliding and hiking.
The village itself is home to numerous popular bars, restaurants and boutique shops. Some current tenants include Supervalu, O’Brien’s Off Licence, Ouzo’s Restaurant, The Kings Inn and The Queens Bar and Steak Room.
Dalkey is connected to Dublin City Centre by the N11 Dublin to Wexford road and the N31 coastal road. The area also avails of the DART commuter rail and Dublin bus service.
Producing a reliable rental income
Exclusive mixed use investment profile extending to approximately 495.11 Sq m (5,329 sq ft)
Located in the heart of Dalkey Village on Castle Street, surrounded by a wealth of amenities
Total annual rental income of €98,886 per annum
Two separate properties including: 1. A takeaway & apartment, 2. Two retail units & multi-tenanted offices
Tenants include P. Borza Takeaway, Hick’s of Dalkey Butchers and Fujifilm
Opportunity to increase rentroll through asset management
Outstanding rent review.
Dalkey Castle & Heritage Centre on Castle Street
View of Castle Street
Lot 2: 17/18 Castle Street
Lot 1: 16/16A Castle Street
Castle Street, Dalkey, Co. Dublin Investment Opportunity KnightFrank.ie
DescriptionThe property is a standalone two storey building of masonry construction incorporating a ground floor retail unit current-ly trading as a fast food takeaway and a self-contained first floor two bedroom apartment. The main two storey structure of the building appears to be a rendered stone wall finish. Cleggs Shoe Repairs occupy an adjoining ground floor unit within the building however this unit is in separate ownership and is not part of the portfolio.
The ground floor takeaway unit comprises; a takeaway shop/sit-down area, kitchen/food preparation area, office, wash-rooms and storage area. The takeaway unit is finished to a high standard with internal specification comprising of tiled walls and flooring, plastered and painted ceilings and stain-less steel kitchen equipment with recessed and spot light-ing. The office comprises of laminate flooring, plastered and painted walls and recessed lighting.
The first floor residential apartment consists of a self-con-tained two bedroom apartment (one double, one single), an open plan kitchen/dining area and a family bathroom. The apartment is finished to a good standard featuring a com-bination of laminate and carpeted flooring, plastered and painted walls and ceilings, tiled walls, exposed timber beams and exposed lighting.
The ground floor takeaway unit measures approximately 141.82 sq m (1,527 sq ft) gross internal area, while the first floor apartment measures approximately 77.64 sq m (836 sq ft) gross internal area. The below table outlines the area breakdown:
TenancyThe entire is let to P. Borza Restaurants Limited trading as P. Borza at a rent of €35,000 per annum, abated to €31,500 per annum on a 35 year Full Repairing and Insuring Lease commencing 1st July 2011. The Lease incorporates 5 yearly upward or downward rent reviews (outstanding June 2016) and tenant break options at the expiration of the 5th and 10th years of term subject to giving six months’ notice in writing of their intention to do so.
Lot 1 16/16A Castle Street, Dalkey
Floor
Ground
First
Ground
Total
GIA sq m approx.
141.82
77.64
4.43
223.89
GIA sq ft approx.
1,527
836
48
2,410
Use
Takeaway Shop
Apartment
Access to Apartment
Castle Street, Dalkey, Co. Dublin Investment Opportunity KnightFrank.ie
Floor
Unit 17 Ground
Unit 18 Ground
Ground
First
Total
GIA sq m approx.
37.73
83.56
18.64
131.27
271.22
GIA sq ft approx.
406
899
201
1,413
2,919
Use
Retail
Retail
Office
Office
Above: Interior of Unit 17 and Unit 18
TenancyThe property is sub-divided into multiple commercial units, with two retail units and one office unit located at ground floor level and six individual office units located at first floor level. Terms have recently been agreed with the ground floor retail tenants for new Internal Repairing and Insuring Leases. These Leases are currently held by the Landlord’s solicitor in draft format and are available upon request.
Tenancy schedule is summarised in table below:
Unit Floor Use Tenant Rent p.a. Term Notes
Unit 17A Ground Retail Fujifilm €19,200 New 10 year IRI lease at €20,000 per annum with a deed of renunciation agreed. Documents to be executed prior to sale completion.
Over holding
Unit 18 Ground Retail Hick’s of Dalkey €28,000 New 20 year IRI lease at €31,000 per annum with a deed of renunciation agreed. Documents to be executed prior to sale completion.
Over holding
Unit 1 First Floor Office Vacant – n/a n/a
Unit 2 First Floor Office Silchester Marketing Ltd. €3,078 Licence Over holding
Unit 3 First Floor Office Anthony Rosenshine & Co. €4,759 Licence Over holding
Unit 4 First Floor Office Commercial Forestry Services Ltd.
€3,935 Licence Over holding
Unit 5 First Floor Office Vacant – n/a n/a
Unit 6 First Floor Office McDonald Group. €3,278 Licence Over holding
Unit 7 Ground Office Delig Inish €3,888 Licence Over holding
Landing First Floor Office Dalkey Business Centre €1,248 Licence Over holding
Total €67,386
The ground floor office unit benefits from laminate flooring, painted walls/ceilings with exposed lighting.
The first floor is currently laid out in multiple individual own door offices. Internal specification includes a combination of laminate and carpeted flooring, plastered and painted walls, washrooms and exposed lighting.
The building measures approximately 271.2 sq m (2,919 sq ft) gross internal area. The table on the next page outlines the area breakdown.
Description 17/18 Castle Street, Dalkey is an end of terrace two storey building of masonry construction. The main structure of the building appears to be a rendered stone wall construction with a painted finish.
The ground floor comprises two self-contained high street retail units and one office unit located at the entrance to the upper floor. The first floor benefits from office use and is cur-rently laid out in multiple individual own door offices.
The ground floor unit, known as Unit 17A, comprises a retail unit trading as Fujifilm. Internal specification includes; tiled flooring, plastered and painted walls and recessed lighting.
The adjacent ground floor retail unit, Unit 18 trades as a butchers shop, Hick’s of Dalkey. The unit comprises a shop/sales area, preparation area, storage/staff area and wash-rooms. Internal specification includes; tiled walls and floor-ing, exposed lighting and stainless steel kitchen equipment.
Lot 2 17/18 Castle Street, Dalkey
20-21 Upper Pembroke Street Dublin 2
Tel: +353 1 634 2466 KnightFrank.ie
ADRIAN TRUEICK [email protected] SHAUN COLLINS [email protected]
FOR ENQUIRIES CONTACT
Conditions to be noted: These particulars are issued by HT Meagher O’Reilly trading as Knight Frank on the understanding that all the negotiations are conducted through them. Whilst every care has
been taken in the preparation of these particulars, they do not constitute an offer or contract. All descriptions, dimensions, references to condition, permissions or licenses of use or occupation, access and
other details are for guidance only, they are given in good faith and believed to be correct, and any intending purchaser/tenant should not rely on them as statements or representation of fact but should
satisfy themselves (at their own expense) as to the correctness of the information given. Prices are quoted exclusive of VAT (unless otherwise stated) and all negotiations are conducted on the basis that the
purchaser/lessee shall be liable for any VAT arising on the transaction. Neither HT Meagher O’Reilly trading as Knight Frank or any of their employees have any authority to make or give any representation
or warranty in respect of this property.
HT Meagher O’Reilly trading as Knight Frank, Registered in Ireland No 385044, PSR Reg No 001266. HT Meagher O’Reilly New Homes Limited trading as Knight Frank, Registered in Ireland No. 428289,
PSR Reg No 001880. Registered Office – 20 -21 Upper Pembroke Street, Dublin 2.
Price: On application
Viewing: By appointment only
BER Certification: Available on request
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