€3m for mixed-use site in Ranelagh village

A substantial site for a mixed retail, office and residential development in the heart of Ranelagh village in Dublin 6 is expected to attract considerable interest from developers and investors when it goes for sale today through agents Savills.

Jonathan Preston of the agency is seeking in excess of €3 million for the 0.36 of a hectare (0.88 of an acre) site directly opposite the Luas stop which includes a range of commercial and residential buildings.

Rental income
The mixed-use zoning on the site and its key position in one of Dublin's most vibrant suburbs will give a new owner the option of enlarging the site further and embarking on a mixed development.

The centrepiece of the property is a car park or yard which is accessed through an arch at number 22 Ranelagh Road beside the Superquinn store. The yard is best known as the venue for the Ranelagh Village Market.

In the short term, a purchaser can avail of rental income of around €250,000 which comes from a number of short- term leases.

The Ranelagh site was assembled during the property boom by Garret Kelleher of Shelbourne Developments whose property loans have been transferred to Nama.

Kelleher is best known for his plan to build the tallest building in Chicago which ended in serious financial losses.

Though the likelihood is that the site will be sold in a single lot, Savills also have the option of offering it for sale in three separate parcels.

Lot 1 will include 8 Ranelagh Road, a mid-terrace building extending to 109sq m (1,173sq ft) with a space to the rear. The ground floor was in retail use and is currently vacant like the accommodation overhead.

Lot 2 comprises a terrace of five three- and four-storey buildings next to Superquinn at 14 to 26 Ranelagh Road.

The houses have retail and office use on the ground floor and apartments and office space on the upper floors which are rented on short-term leases. Some of the buildings have extensions to the rear.

Two-storey house
These properties are producing rents of €250,000, a figure that can be increased by letting further space which is currently vacant.

Lot 3 is comprised of 21c Ranelagh Avenue, a mid- terraced two-storey house which extends to 45sq m (484sq ft). It is accessed from Ranelagh Avenue and is subject to a rental tenancy at €10,800 per annum.