The adjoining houses in Dublin 8, which come with 26 rental units, exceeded the guide price of €2.7 million
Colliers has exceeded the guide price of €2.7m on a Pre-63 investment, 2 and 3 Harrington Street, Dublin 8, securing €2.927m. Strong interest was received from both local and international investors who were looking to avail of a value-add opportunity in what has to be one of the most popular residential areas in the city centre.
Harrington Street comprised of two pre’63 three storey over basement mid-terraced buildings extending to 26 units, 25 units of which were under occupation. The investment was producing approximately €198,960 per annum.
€2.927m equates to an NIY of 6.50% based on an annual income of €198,960 p.a after allowing for standard purchaser costs of 4.42%.
Investors were particularly attracted by the proximity of the buildings to all city centre amenities as well as the potential to increase the rent.
Located in one of Dublin’s most sought after rental locations at the junction of Harrington Street and Camden Street, the properties are located in the heart of Dublin City Centre just a 10 minute walk from St Stephens Green and Grafton Street. The immediate area on Camden Street and Harcourt Street provides for an array of bars, restaurants and Cafés including Brother Hubbard’s, Café Sol, Camden Exchange, Sophie’s and D Two to name just a few.
Colin O’Shea, Colliers, noted that “interest from the start was extremely strong, pricing was reflective of the reversionary potential and this generated active bidding from early in the process”.
The surrounding area is home to many established businesses including EY, Investec, WeWork and Amazon’s new 170,000 sq. ft. office block on Charlemont Street. A host of colleges are also within walking distance including Griffith College, Dublin Business School on Aungier Street and Trinity College.
The area is well served with by a number of public transport facilities including the LUAS Green line at Charlemont Place and Harcourt Street, The DART, Dublin Bikes and numerous Dublin Bus routes.
Colin O'Shea, Surveyor
Direct +353 1 633 3773 | Mobile +353 87 60 8 1030
Aoife Murray, Associate Director
Direct +353 1 633 3718 / Mobile +353 86 368 7643