Prime City Centre Investment / Development Site
50 – 51 Bolton Street, Dublin 1
Dublin, October 2017 – CBRE have been instructed by Edel Properties Limited to handle the disposal of a mixed use investment property on Bolton Street and in-fill development site (car park) at the rear of the premises extending to approximately 0.03 hectares (0.06 acres) that is accessed from Henrietta Place.
The ground floor of 51 Bolton Street is rented out to Subway for a rent of €20,500 p.a. under a 20 year Lease, we have been informed that this retail unit is due a rent review in the coming year.
The adjoining ground floor retail unit and the basement floor of 50 – 51 Bolton Street is currently occupied by Flynn Signs. We understand that Flynn Signs will look to re-locate to an industrial premises after the sale has closed. This will allow a developer an opportunity to refurbish and seek an additional rent of approximately €40,000 p.a. for the property.
There is also planning permission to convert the first floor offices of 50 – 51 Bolton Street into 2 new apartments.
The property is located in an established up and coming residential and student accommodation area adjacent to the King’s Inn’s, DIT Grangegorman, Ilac Shopping Centre, Smithfield & the Mater Hospital. The immediate area has seen strong demand from developers since the arrival of the DIT Grangegorman Campus.
The property is also located close to the Quality Bus Corridor on Parnell Street and O’Connell Street as well as the air coach. The Broadstone and Dominick Street LUAS Stations services the LUAS line to Cabra and the IFSC/Point Village which will be linked to the Green line interchange to Cherrywood.
The property is located less than 5 minutes walking distance from the DIT Grangegorman Campus, which is expected to have over 22,000 students and staff on completion. There has been strong rental demand and rental growth in the immediate area as a result of this.
The site is zoned Z5 ‘Mixed Use’ and should be able to accommodate a small 4 storey over basement apartment block/ student accommodation block. There is planning permission in place for 7 apartments and a basement floor for services, plus an additional 2 apartments in the existing front building.
This property represents a city centre refurbishment and development opportunity and gives a developer a chance to benefit and grow existing rental income and to develop a medium-scale residential development in an established and up and coming residential area with excellent publink transport links.
CBRE are quoting a guide price for the entire of €1,400,000 for this property.
Full details are available from the Development Land division of CBRE 01 6185500.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com
CBRE U.C., (CBRE Ireland) registered in Ireland, no. 316570. PSRA Licence No. 001528 is the country’s largest commercial real estate services company with offices in Dublin and Cork. Currently employing over 135 employees, we work with occupiers, investors and developers of office, industrial and logistic, retail, hotel and healthcare property, providing strategic advice and execution for property sales and leasing; tenant representation, corporate services; property and project management; appraisal and valuation; development services; investment management and debt advisory; business rates and compulsory purchase and research and consulting. Please visit our website at www.cbre.ie