Apartments/site in Rathgar for €2.25m

A Rathgar period house with six apartments and a ready-to-go residential site is fresh to the market at €2.25 million through DTZ Sherry FitzGerald and Sherry FitzGerald.

Ard Na Greine at Eaton Brae off Orwell Road in Dublin 14 is a two-storey over garden level late-Victorian detached house.

It was refurbished and upgraded in 2008 to incorporate a scheme of seven apartments, one of which has since been sold.

Two of the six apartments for sale come with life tenants and the four others are vacant. The six apartments are a mix of one- and two-bed units measuring between 43sq m (463sq ft) and 92sq m (990sq ft).

The four vacant apartments would produce an annual rent roll of €70,000 when fully let. The two apartments subject to life tenancies come with no succession rights which allows for “asset management opportunities”, according to the agent.

Planning permission was recently extended to March 2019 for three single-storey houses on Ard Na Greine’s site of 0.37 acres. These range in size from 144sq m (1,550sq ft) to 187sq m (2,013sq ft).

Under the Dún Laoghaire- Rathdown Development Plan 2010-2016 the property is zoned Objective A “to protect, and/or improve residential amenity”.

The primary use permitted under this zoning is residential while a number of commercial uses are open for consideration.

Eaton Brae is a leafy cul de sac off Orwell Road in Rathgar. The former Mount Carmel Hospital is a few hundred metres to the north and Milltown Golf Club to the east.

Dublin city centre is 4km away while the Luas at Windy Arbour is a 10-minute walk.

Rathgar has a good selection of schools, shops, pubs, restaurants and sporting clubs.

According to Rory Breen of DTZ Sherry FitzGerald: "This sale affords the opportunity for a purchaser to benefit from strong rental levels while developing out the planning permission."