Dublin 7 portfolio with residential potential guiding at €12m – The Irish Times

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Agent CBRE is offering an overall price of €12 million for a portfolio comprising two sites with residential development potential near the newly opened Grangegorman Campus of Technological University Dublin (TUD). The first property, on North King Street, carries a guide price of £8million, while the second property, on nearby Phibsborough Road, is £4million.

The North King Street property is approximately 0.34 hectares (0.83 acres) and is occupied by tenants who use the building for commercial and industrial purposes. The leases bring in around €145,000 in rental income per year, according to the agent, and this could possibly be increased by leaving the storage units at the back vacant. Prospective buyers should note that the property is a protected structure.

The site, located less than 1 km from the TUD Grangegorman campus, is zoned “Z5 City Centre”, allowing for various development options, including student accommodation, residences, hotels and offices. A feasibility study and planning report prepared prior to the sale by the Urban Agency and McGill Planning suggests that the development of student accommodation, residential accommodation and/or a hotel would be viable for the site subject to obtaining of a building permit.

The Phibsborough Road property, meanwhile, comprises retail units, an office, warehouses and detached living, and produces rental income of around £258,040 a year, according to the agent. Its current tenants include Camile Thai, Four Star Pizza, Rua Woodfire Pizza, Thunders Bakery and Avista. A vacant lot at 141-142 Phibsborough Road has the potential to increase rent.

This landed property is currently zoned ‘Z4 District Centre’ with a proposed change to ‘Z4 Key Urban Village’ as part of the draft Dublin City Development Plan 2022-2028. Sites designated as key urban villages will have the capacity to include integrated services as well as residential development. A feasibility study of the property in question by the Urban Agency suggests that it has the potential to accommodate between 49 and 61 residential units subject to planning permission, with building heights ranging from four to six floors.

Darragh Deasy, Director of CBRE’s Development Land Division, said: “The North King Street property is suitable for a variety of development options and offers the benefit of short term income which will help developers and investors looking to unlock its potential. The Phibsborough Road site offers interested parties a strong list of tenants with a good stream of income. It also offers significant development potential for a variety of development types subject to planning permission. We expect to see strong interest in both properties.

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