One to live in, one to rent, and an income downstairs

An interesting investment opportunity in the heart of Delgany village is The Old Post Office tucked between the Horse and Hound public house and the local food market. The title “The Old Post Office” is a bit of a misnomer, as the property was completely rebuilt in 2008 and has since been given a total overhaul. It was purchased by seasoned property owner Ross McParland owner from receivers when it was “in a completely decrepit state”.

On offer are two refurbished apartments, a retail unit, storage facilities and off-street parking for one to two cars.

On the ground floor, the 50sq m retail unit has been let to the Bear Paw Deli, in a lease signed in 2018. The current rental income is €15,360 rising to €16,560 after three years.

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The kitchen and living space.

Upstairs are two self-contained one-bed apartments. Each extends to 45sq m, with additional space upstairs in each attic, which adds a further 25sq m. Though not habitable as bedrooms, there is an abundance of storage and they could make bright studies, albeit with cautionary access via a Stira stairs, and a pull-down ladder in the second apartment.

Both apartments have a balcony to the rear, and some plantings would help to give privacy from the houses lying to the rear of the property.

The decor is superbly done and each are essentially brand new having just been refurbished.

Rental potential

In terms of income, rental potential from the apartments are in the region of €1,350 each per calendar month so, together with the retail unit, could give a gross annual yield of €48,000 – a return of 7 per cent. The stamp duty on the apartments will be 1 per cent, whereas buyers will have to pay 6 per cent on the retail unit.

A second option – rather than leasing out the entire property, and attracting a buyer in need of a bolthole near Dublin – would be to retain one apartment and lease the second which, combined with the rental income from the retail unit, would go a long way towards monthly mortgage payments, with the added bonus of the superb food offered in the Bear Paw Deli.

There are two storage units – painted in calamine lotion pink like the retail unit – to the rear of the property offering what most apartments lack: an abundance of storage. Also here is a communal decked area where one of the walls has been painted with a mural by local artist Mary-Kate Hardy.

Though it is physically possible, it is highly unlikely that a buyer would amalgamate both apartments into one unit as the selling point here is the potential rental income.

By comparison locally, 10 Cherry Gardens, a 76sq m semi-detached house is seeking €395,000 through Sherry FitzGerald and 20 Wendon Park, an 80sq m semi-detached house, is seeking €410,000 through REA Forkin. 31 Cherry Glade, also semi-detached and extending to 114sq m, is on the market for €485,000 though Dooley Auctioneers.

The Old Post Office, lying right in the centre of the village, is sure to appeal to investors – whether the apartments are retained for personal use or otherwise – and is on the market through Sherry FitzGerald with an asking price of €685,000.