FOR SALE BY PRIVATE TREATY TENANTS NOT AFFECTED 38/39 LOWER ORMOND QUAY DUBLIN 1 DUBLIN CITY CENTRE RETAIL/RESIDENTIAL INVESTMENT OPPORTUNITY
INVESTMENT SUMMARY CITY CENTRE PROPERTY LOCATED ADJACENT TO THE HA PENNY BRIDGE WITH RIVER FRONTAGE GROUND FLOOR/BASEMENT IN RESTAURANT USE UPPER FLOORS CURRENTLY LAID OUT IN 8 RESIDENTIAL UNITS CURRENTLY PRODUCING RENTAL INCOME OF 258,000 P.A. (GIY 8.7%) MARY STREET JERVIS SHOPPING CENTRE ARNOTTS MARKS & SPENCER ABBEY STREET LIFFEY STREET TWILFIT HOUSE MILLENIUM WALKWAY MULTI-STOREY PARKING GREAT STRAND STREET NOS. 38/39 LOWER ORMOND QUAY ITALIAN QUARTER MORRISON HOTEL CAPEL STREET EUSTACE STREET TEMPLE BAR
MOUNTJOY SQUARE FREDERICK ST. BOLTON ST. LOWER DOMINICK ST. PARNELL SQUARE WEST HILL ST. PARNELL ST. SUMMERHILL KING ST. LOWER SEAN MACDERMOTT ST. SMITHFIELD CAPEL ST. WOLFE TONE ST. JERVIS ST. HENRY ST. O CONNELL ST. RED LUAS LINE MARLBOROUGH ST. TALBOT ST. DART LINE IFSC CHANCERY ST. MIDDLE ABBEY ST. LOWER ABBEY ST. GREAT STRAND ST. INNS QUAY NO 38/39 LOWER ORMOND QUAY EDEN QUAY CUSTOM HOUSE QUAY WELLINGTON QUAY ASTON QUAY AUNGIER ST. GEORGES ST. GREEN LUAS LINE DAME ST. DRURY ST. GRAFTON ST. ST. STEPHENS GREEN DAWSON ST. TRINITY COLLEGE KILDARE ST. UPPER MERRION ST. MERRION SQUARE FENIAN ST. PEARSE ST. GRAND CANAL ST. LOWER MOUNT ST. MACKEN ST. HARCOURT ST. GRAND CANAL QUAY KEVIN ST. BAGGOT ST. EARLSFORT TERRACE LEESON ST. LOWER FITZWILLIAM PLACE
LOCATION ACCOMMODATION The property is located fronting Ormond Quay Lower, close to the junction with Liffey Street Lower and the Ha penny Bridge in Dublin s City Centre. The surrounding commercial district bounded by Capel Street to the west, O Connell Street to the East and Mary Street/Henry Street to the North has witnessed substantial redevelopment in recent years aided by the completion of the LUAS Red Line including The Jervis Centre, The Italian Quarter and Millennium Walkway. Rear access is available to the property at 34 Great Strand Street. Adjoining occupiers include The Winding Stair & Woollen Mills Restaurants and The Morrison Hotel. DESCRIPTION We understand the approximate Gross Internal Floor areas are as follows: RESTAURANT SQ.M. GROUND BASEMENT TOTAL FLOOR NO. 38 268.0 69.0 337.0 NO. 39 107.0 69.0 176.0 TOTAL 375.0 138.0 513.0 Two adjoining 4 storey over basement Georgian buildings extensively redeveloped to provide Restaurant accommodation at Ground Floor and ancillary accommodation at Basement levels. A total of 8 residential units are provided overhead, three of which are accessed via No. 38 Lower Ormond Quay and the balance accessed via No. 39 Lower Ormond Quay. RESIDENTIAL UNITS No. 38 SQ.M. 1 (One Bed) 54.8 2 (One Bed) 52.5 3 (Two Bed) 70.0 No. 39 1 (One Bed) 54.0 2 (One Bed) 52.0 3 (Two Bed) 70.0 REAR EXTENSION 4 (One Bed) 36.9 5 (Two Bed Duplex) 73.8 TOTAL 464.0 Interested parties are specifically advised to verify floor and site areas and to undertake their own due diligence.
TENANCIES RESTAURANT The Ground Floor and Basement of Nos. 38 & 39 Lower Ormond Quay are let to Agenbite Ltd. under two separate 25 year leases from 31st December 1998, currently producing a combined rental income of 150,000 p.a. exclusive. The lease incorporates upward only rent reviews at five year intervals (next review December 2018). RESIDENTIAL The 8 overhead Residential Units are fully let and currently produce a combined gross rental income of 108,000 p.a. Agenbite Ltd. operate the Milano Restaurant chain and is a wholly owned subsidiary of Pizza Express plc. The Restaurant leases have been sub-let to the well established Yamamori Noodles Ltd. NOS. 38/39 LOWER ORMOND QUAY RESIDENTIAL TENANCY INFORMATION NO. 38 LOWER ORMOND QUAY APARTMENT 1 2 3 RENT 1,050 1,000 1,400 NUMBER OF BEDROOMS 1 1 2 DEPOSIT 1,050 1,000 1,400 FIXED YES (1 YEAR) NO YES (1 YEAR) LEASE START DATE 1.08.14 1.09.08 (FURTHER PART 4) 24.06.14 NO. 39 LOWER ORMOND QUAY APARTMENT 1 2 3 4 5 RENT 1,000 1,000 1,300 950 1,300 NUMBER OF BEDROOMS 1 1 2 2 2 DEPOSIT 950 800 1,100 700 1,000 FIXED NO NO YES (1 YEAR) NO YES (1 YEAR) LEASE START DATE 30.11.13 (PART 4) 1.09.08 (PART 4) 1.09.14 22.08.11 (PART 4) 1.09.14
BER RESTAURANT TITLE We understand that the properties are held long leasehold subject to a peppercorn rent. RESIDENTIAL (Individual unit BER info available upon request). VAT We are advised VAT will not be charged on the sale. Purchasers should however seek independent advice on all aspects of taxation relating to the sale. PROTECTED STRUCTURE The front façade and roof profile of Nos. 38 & 39 Ormond Quay are noted in the record of protected structures under the Dublin City Development Plan 2011 2017. INVESTMENT PROPOSAL We are quoting a guide price of 2.85 million equating to a gross initial yield of 8.67%.
FURTHER INFORMATION AND CONTACTS SELLING AGENTS BNP PARIBAS REAL ESTATE 20 MERRION ROAD, BALLSBRIDGE DUBLIN 4, IRELAND For further information or to arrange a viewing please contact: Peter Flanagan or Danielle Rocca Devine of our Investment Department. T. +353 1 661 1233 E. peter.flanagan@bnpparibas.com E. danielle.roccadevine@bnpparibas.com SOLICITOR WHITNEY MOORE SOLICITORS WILTON PARK HOUSE, WILTON PLACE DUBLIN 2, IRELAND Please contact: Rory McDonald T. +353 1 661 0046 E. rory.mcdonald@whitneymoore.ie WWW.REALESTATE.BNPPARIBAS.IE