Dublin city centre retail and residential investment guiding at €3.75m

Turley Property Advisors is guiding a price of €3.75 million for 94-96 Middle Abbey Street, a landmark four-bay, five-storey-over-basement mixed-use building in the heart of Dublin city centre.

Developed in the years following the 1916 Easter Rising, the subject property is notable according to its entry on the National Inventory of Architectural Heritage for its fine glazed terracotta\faience facade, which has been executed in the Elizabethan revival style.

The ground floor and basement are currently laid out as retail at ground level and retail/storage at basement level and as apartment accommodation on the upper three floors. The first floor was formerly occupied by a long-established retail jeweller but now that the owner has retired and vacated, it could be converted, according to the selling agent, into further apartments (subject to planning permission). The six existing apartments comprise one three-bedroom unit and five two-bedroom units.

The upper floors of the property are being sold with vacant possession expected by March 2024. The ground floor and basement are let to a strong covenant, the well-known electrical product supplier City Electrical Factors on a 20-year lease from February 2015. The current rental income is €210,000 per annum with asset-management potential to increase that to more than €300,000 per annum, according to Nick O’Loughlin of Turley Property Advisors.