Kelly Bradshaw Dalton in partnership with iamsold
**Pre '63 Investment Opportunity in Prime Location**
We are delighted to present to the Open Market, 48B Botanic Avenue, Drumcondra, Dublin 9. This is an exceptional Detached Pre '63 Investment Property with rear access to a gated Car Park.
The subject property is situated in the heart of Drumcondra Village . Due to the superb location, this property provides investors a rare opportunity to secure a significant building in a prime central location. Currently sub-divided into 12 units with parking available for a configuration of up to c. 7 cars.
The subject property has a pre-63 declaration for 7 units but has been in the current condition prior to 1990 when the current owners purchased the property. In our opinion the property would lend itself to 9 self contained units and the would include 3 double bedroom studios and 6 x 1 bedroom apartments (subject to planning permission).
The refurbishment of this requires a complete upgrade and our calculations are based on the following using the residual method of calculation. We calculated that the open market rental value is €150,600 and with an 8% yield, this values the property at €1,882,500. Conclusion, it is the professional opinion of the selling agent that the location of this property justifies a yield of 8% as a finished product. This allows a refurbishment budget of €532,500.
Now to put a different spin, this subject property could operate as a communal living space dwelling as well. This would allow you to carve 10 living bedroom suites and a separate caretaker one bedroom apartment. Due to the fantastic location demand for this short term living accommodation would produce €70/€100 a night producing an income of €254,000 per annum.
The location of this property cannot be overstated; facing on to Griffith Park and situated in the heart of Drumcondra Village. This address is one of the most sought after in Dublin and is located on the primary bus route to Dublin Airport.
For Sale by Online Auction unless sold prior.
Features
1)Pre '63 INVESTMENT PROPERTY
2)SUPERB, PROMINENT AND PRIME LOCATION
3)DETACHED PROPERTY
4)SECURE PARKING FOR CONFIGURATION OF UP TO C. 7 CARS
5)FURTHER DEVELOPMENT OPPORTUNITY (SUBJECT TO PLANNING PERMISSION)
TO VIEW OR MAKE A BID Contact Kelly Bradshaw Dalton or iamsold, www.iamsold.ie
*Please note all properties are subject to a starting bids price and an undisclosed reserve. Both the starting bid and reserve price may be subject to change. Terms and conditions apply to the auction, which is powered by IAM Sold Property Auctions.
This property is offered for sale by unconditional auction. The successful bidder is required to pay a 10% deposit and contracts are signed immediately on acceptance of a bid. Please note this property is subject to an undisclosed reserve price. Terms and conditions apply to this sale.
Building Energy Ratings (BERs) give information on how to make your property more energy efficient and reduce your energy costs. All properties bought, sold or rented require an BER. BERs carry ratings that compare the current energy efficiency and estimated costs of energy use with potential figures that your property could achieve. Potential figures are calculated by estimating what the energy efficiency and energy costs could be if energy saving measures were put in place. The rating measures the energy efficiency of your home using a grade from ‘A’ to ‘G’. An ‘A’ rating is the most efficient, while ‘G’ is the least efficient. The average efficiency grade to date is ‘D’. All properties are measured using the same calculations, so you can compare the energy efficiency of different properties.
Please contact us for more information about this property.
A non-refundable contract deposit of 10% (minimum deposit of €6,500.00) is required to be paid by the successful bidder for this property.
A Bidder Security Deposit of €20,000.00 is required to be pre-authorised from the bidders debit or credit card through the payment facilities on the auction website when registering to bid. A bidder has also the option of transferring the minimum deposit amount by bank transfer to iamsold's client account to authorise them to bid on the Online Auction (please note, this option may take several days).
The pre-authorisation amount will only be captured from the successful bidder on acceptance of their bid. This will form part of the non-refundable part payment contract deposit.
Any balance of the full contract deposit must be paid by the successful bidder to iamsold within 48 hours of acceptance of their bid. The deposit balance can be paid by debit/credit card, or same day bank transfer to iamsold's client account.
All unsuccessful bidders will have their pre-authorisations released OR their bank transfer refunded within 5 working days of conclusion of an auction or withdrawal of the Lot from the Online Auction.
Bidders are required to pay a non-refundable €50.00 (including 23% VAT) registration fee per property they register to bid on.
For further information or to speak to one of our team, please call 01 687 5040.
These particulars, whilst believed to be accurate are set out as a general outline only for guidance and do not constitute any part of an offer or contract. Intending purchasers should not rely on them as statements or representation of fact, but must satisfy themselves by inspection, measurement or otherwise as to their accuracy. No person in this firms employment has the authority to make or give any representation or warranty in respect of the property. Properties may be sold via online auction or public auction and bids made prior to public auction may be accepted by the vendors. IAM Sold and our partner auctioneer will share relevant personal information and transactional updates with each other so that we can effectively market and sell properties including the arrangement of viewings and follow up.
