The combination of immediate rental income and future development potential in a prime location should help to drive the sale of a 0.12-hectare (0.3 acre) site in Dublin city centre.
Located immediately to the west of Camden Street, 12 Camden Row is being offered to the market by agent Savills at a guide price of €9.5 million.
The subject site, which is bound on either side by the TUD Focas campus and Elliots Food Service cash-and-carry, is home currently to a 1,700sq m (18,299sq ft) building, which is occupied under a series of licence agreements. Taken together these delivered a gross operating income of €704,122 in 2021 based on a current occupancy rate of 66 per cent.
The development potential of the site is framed by the Dublin City Development Plan 2016-2022. The property is located in an area zoned objective Z4: “To provide for and improve mixed-services facilities. Permissible uses include, but are not limited to, the development of an office, residential or hotel scheme.”
A feasibility study prepared in advance of the sale suggests there is potential for a new purpose-built office development of approximately 5,545sq m (59,686sq ft), extending to six floors over basement, subject to the necessary planning permission.
Sitting opposite the subject property is the former TUD Kevin Street campus, sold in 2019 to Westridge Real Estate. Construction began in 2021 on the site where the development will consist of 53,110sq m (571,671sq ft) of office accommodation in two 11-storey blocks alongside 299 apartments spread across three buildings of up to 14 storeys in height. The development of this property is expected to significantly enhance the immediate area.
Ebba Mowat of Savills says: “This property will attract developers and investors alike. It offers significant income which any buyer will benefit from while they look to add further value by obtaining a planning permission for a full redevelopment in due course.”
