Dawson Street investment at €1.65m offers potential for income growth

Agent Cushman & Wakefield is guiding a price of €1.65 million for 53 Dawson Street, a four-storey over-basement Georgian property at the heart of Dublin city centre.

Number 53 is part of a row of terraced buildings, and is being marketed for sale as a mixed-use investment/refurbishment opportunity. The property is a protected structure along with the majority of its immediate neighbours.

The building enjoys a prime position on Dawson Street, and is flanked on either side by Carluccio’s Italian Restaurant and Starbucks coffee shop. Other high-profile occupiers on the street include the Ivy and Café En Seine.

A number of major developments, including the refurbishment by developer Paddy McKillen’s Oakmount of the former headquarters of New Ireland Assurance, are due to get under way shortly.

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The subject property benefits from high footfall thanks to its location immediately next to the Luas Cross City stop on Dawson Street. The building is also situated in close proximity to Grafton Street and St Stephen’s Green.

Number 53 Dawson Street is currently delivering €44,304 in annual rental income, with two floors currently vacant. Peter Love of Cushman & Wakefield says the letting of this remaining space offers the potential for significant rental growth.

The building's current tenants include the highly-popular fashion retailer Designer Exchange, which occupies all 85.58sq m (921sq ft) of retail space on the ground floor. The Designer Exchange also utilises the basement ( 947sq ft) for storage.

The first floor and second floors are currently vacant, with the third floor occupied by Vmody Limited, trading as Search4Less. The total floor area of the property extends to 336.39sq m (3,620sq ft).