3-4 Lower Kevin Street, Dublin 8

Sold

3-4 Lower Kevin Street, Dublin 8

Investment Opportunity for Sale by Private Treaty

City Centre location with high volume pedestrian / vehicular traffic
Multi-let retail and office building of 555.2 sq.m (5,976 sq.ft)
Current passing rent of €108,902 excl.
Average unexpired lease term of approximately 14 years

Location

The property is located at the busy junction of Kevin Street and Wexford Street where Dublin 2 and Dublin 8 meet. The area is well served by all public transport nodes to include Dublin Bus immediately adjacent and Luas services at St. Stephens Green (400m away).

The immediate area is heavily populated with established commercial uses to include numerous office occupiers situated in the Bishops Square Development notwithstanding the DIT Kevin Street and Aungier Street facilities. In the medium term it is likely these existing campuses will we redeveloped to accommodate residential or commercial uses.

Occupiers in the immediate area include Tesco Express, O’Callaghans Hotel, OPW, DIT, and numerous retail / leisure traders.

Description

The property is 3 storeys comprising two ground floor retail units occupied by Hot & Chilli Takeaway and The Opticians. To the rear of the retail units is a workshop area demised to the first floor office tenant which has the benefit of a side entrance from Liberty Lane.

The office accommodation is accessed via a dedicated entrance from Kevin Street. The first floor is split level comprising an office / reception area to the rear and offices fronting Kevin Street. Toilet facilities are situated at this level. A store area is situated at this level which is currently in need of repair. At second floor level a number of cellular offices are provided.

Floor Areas

Floor	User	Area sq.m.	Area sq.ft.
Ground	Retail	47.7	513
Ground	Retail	547.7	589
Ground	Store	127.1	1,368
First	Office	78	840
First Return	Retail	123.3	1,327
Second	Office	97.2	1,046
Second Return	Store	27.2	293
Total		555.2	5,976

*Interested parties should satisfy themselves as to the accuracy of the above floor areas.

Tenancy

Floor	Tenant	Term	Commencement	Break	Rent Review	Passing Rent	Rent Payable
Ground	The Optician	10 years	01/11/2015	Yr 3	01/11/2019	€22,000	€22,000
Ground	Hot Chilli	25 years	01/10/2014	n/a	01/10/2018	€24,000	€24,000
First	Qualcom	25 years	01/10/2004	n/a	01/10/2019	€44,902	€44,902
Second	Elliot Corrigan	25 years	01/10/2007	n/a	01/10/2017	€18,000	€18,000
Total						€108,902	€108,902