Developers and investors looking to take advantage of the demand for residential rental accommodation in Dublin, and in Dublin city centre specifically, may be interested in the opportunity presented by the sale of number 34 Lower Abbey Street.
Located just off the capital’s main thoroughfare, O’Connell Street, and within an area undergoing significant redevelopment and regeneration, the subject property comprises a four-storey over-basement commercial building extending to 644sq m (6,930sq ft) and dates originally from 1920.
While the ground-floor unit offers an opportunity by itself and is ready for tenant fit-out, the building’s upper floors will arguably be of greater interest to potential purchasers.
Having accommodated offices until recently, the three floors above street level now have planning in place for the delivery of five apartments.
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The permitted scheme provides for four two-bedroom apartments on the first and second floor along with a single one-bedroom apartment on the third floor. The apartments will be accessed via a single staircase which is accessed from a separate entrance on Abbey Street.
Agent CBRE is guiding a price of €1.75 million for the entire building through the online auction platform, Offr. The property is alternatively available to let through CBRE.
Number 34 Lower Abbey Street occupies a high-profile location in Dublin city centre. The street is home to a wide variety of commercial occupiers ranging from hotels, bars, offices, discount and convenience retailers, travel agencies, food and beverage occupiers, as well as other neighbourhood service operators.
Occupiers include the landmark Wynn’s Hotel, The Grand Central Bar, Spar, Tang, Boojum, JD Wetherspoon and the Irish Life Centre to name a few, as well as the new Clerys Quarter development on O’Connell Street.
The subject property’s central location within the city centre provides it with high levels of passing footfall. The building is conveniently located just a short distance from a number of major public transport links including Connolly train station and Bus Éireann’s Busáras depot.
There is also immediate access to the Luas red line and the Quality Bus Corridors (QBC) on Lower Abbey Street and O’Connell Street in addition to several Dublin Bike terminals and multi-story car parks located close by.
“The subject property will appeal to a wide variety of prospective purchasers given the building’s prominent position in the heart of Dublin city centre,” Kevin Watson of CBRE’s development land division said.
“The opportunity offers interested parties the chance to acquire the building as a letting for immediate occupation, or, as a residential development option, while also presenting the potential for alternative uses at ground floor subject to obtaining the appropriate planning permission.”
