Entire White Heather Industrial Estate & Adjoining House, South Circular Road, Dublin 8 - palre
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Entire White Heather Industrial Estate
& Adjoining House,
South Circular Road,
Dublin 8.
Approx. 2km to Approx. 188m. of
St. Stephen’s Green & frontage onto the
less than 1km to Rialto / Grand Canal
Fatima Luas Stops / Parnell Road
The buildings extend
to approx. 6,740 sq.m..
(72,547 sq.ft.)
Investment Summary
• Rare opportunity to acquire entire Inner City
industrial estate and adjoining house situated
between South Circular Road and Grand Canal,
just 2.2km from St. Stephen’s Green
• Site area of 1.15 ha. (2.84 acres) approx.
• Rental income of €542,000 per annum from five
tenants with anticipated rental increases at rent
reviews within estate in 2019 and 2020
• Weighted average unexpired lease term (WAULT)
of 7.3 years (5.4 years including nearest break
options)
• 6,635 sq.m. (71,411 sq.ft.) approx. GEA of
commercial accommodation
• 307 South Circular Road comprises a vacant
three-bedroom house of 105.5 sq.m. (1,136
sq.ft.) approx. GIA
• Potential for substantial redevelopment of site
(subject to planning permission)
• Currently zoned Objective Z6 under 2016-2022
Dublin City Council Development Plan
• For sale by formal tender
Immediate scope to increase
income through the leasing of Site area of
vacant accommodation. Further approximately
opportunity to increase passing 1.15ha. (2.84 acres)
rent at upcoming rent reviews.
Income has a WAULT
Asset management of 7.3 yrs to expiry
opportunities to and 5.4 yrs including
enhance value nearest breaks.
l a r Road
rcu
South Ci
Location
• South west of Dublin city centre along northern
bank of Grand Canal
• Established and extensive residential and
neighbourhood-commercial area
• South Circular Road is a main distributor road in
south Inner City
• Adjacent to Cork Street / Dolphin’s Barn arterial
route, main bus corridor, and Coombe Hospital
• 5 minutes from Luas and St. James’s & new
National Children’s Hospitals
• 5 minutes from Griffith College
• Opposite Strategic Development
& Regeneration Area
Destination Distance
Coombe Hospital 300m
Griffith College 700m
St. James’s Hospital
850m
/LUAS
St. Stephen’s Green
2.2km
/LUAS
Description
• Entire industrial estate and adjoining three-
bedroom house
• Commercial buildings extend to 6,635 sq.m.
approx. GEA
• Rental income of €542,000 per annum from five
tenants with anticipated rental increases at rent
reviews within the estate in 2019 and 2020
• WAULT of 7.3yrs
(5.4 years including break options)
295
• Individual warehouse units range in size from 450
sq.m. to 1,670 sq.m. approx.
• Modern estate management store and estate
management office on site
• Sizeable strip of grass canal bank with approx.
188m. frontage included
• 307 South Circular Road adjoins industrial estate
entrance and comprises a two storey, three-
bedroom, red brick, period house with large
garden
291 – 293
299-301
297
307 South Circular
Road
Accommodation
Commercial:
Size approx.
Unit
GEA
Description
Industrial unit with two storey offices on
996 sq.m. self-contained portion of the estate. Two units
291/293 were refurbished and extended internally by the
(10,717 sq.ft.)
tenant, An Post.
Modern warehouse unit constructed in 2009.
955 sq.m. Area includes two storey offices of approx. 181
295 sq.m. 5.7m. min. clear internal height.
(10,283 sq.ft.)
Seven car parking spaces.
Modern warehouse unit constructed in 2009.
1,275 sq.m. Area includes three storey offices of approx. 310
297 sq.m. 7.6m. min. clear internal height. 11 car
(13,722 sq.ft.)
parking spaces.
Warehouse and offices with part-cement fibre,
490 sq.m. part-double skin metal deck roof. 5.2m. min.
299 clear internal height. Allocated car parking
(5,274 sq.ft.)
spaces.
Warehouse and office unit with double skin met-
1,670 sq.m.
301 al deck roof. 5.5m. min. clear internal height.
(17,976 sq.ft.) Allocated car parking spaces.
Warehouse unit with two storey offices of
approx. 214 sq.m. included in area. Double skin
691 sq.m. metal deck roof with min. clear internal height
303 of approx. 4.8m. and max. height of approx.
(7,434 sq.ft.)
7.5m. Enclosed yard of approx. 534 sq.m. in
addition to four allocated car parking spaces.
Warehouse unit with single storey offices of
approx. 120 sq.m. included in area. Double skin
450 sq.m.
305 metal deck roof with min. clear internal height
(4,839 sq.ft.) of approx. 3.8m. and max. height of approx.
5.3m. Five allocated car parking spaces.
77 sq.m.
297A Modern estate management store.
(829 sq.ft.)
Self-contained estate management office at
31 sq.m.
307A ground floor return of adjoining house at 307
(336 sq.ft.) South Circular Road.
6,635 sq.m
Total
(71,411 sq.ft.)
Residential:
Size approx.
GIA
Description
105.5 sq.m. Two storey, three-bedroom, red brick period
307 South Circular Road house with large garden.
(1,136 sq.ft.)
6,740 sq.m.
Total
(72,546 sq.ft.)
303
301
305
299
Rear of
307 SCR
297
295
Est Mgt Store
297A
291 / 293
Tenancies*
Rent € Lease Break
Unit Tenant Rent p.a. Lease Start Next R/R
per sq.ft. Expiry Option
291 / 293 An Post €67,000 6.25 06/07/2010 05/07/2035 06/07/2023 06/07/2020
DTW Capital
295 Limited t/a €60,000 5.84 30/07/2014 29/07/2029 N/A 30/07/2019
Storage World
DTW Capital
297 Limited t/a €92,500** 6.74 16/02/2010 15/02/2025 N/A 16/02/2020
Storage World
BSS (Ireland)
299 Limited €53,770 10.19 01/04/1988 30/03/2023 N/A N/A
BSS (Ireland)
301 Limited €178,730 9.94 01/04/1988 30/03/2023 N/A N/A
Modern Wood-
303 craft Ltd €42,000 5.65 23/02/2015 22/02/2025 23/02/2020 23/02/2023
The Irish Cancer
305 Society Limited €48,000 9.92 29/01/2009 28/01/2024 N/A 29/01/2019
Vacant Estate
297A Store N/A N/A N/A N/A N/A N/A
Vacant Estate
307A Office N/A N/A N/A N/A N/A N/A
307 South
Vacant 3-bed
Circular house N/A N/A N/A N/A N/A N/A
Road
TOTAL €542,000
*Tenants not affected ** Temporarily abated from €105,000 pa until Feb 2020
Zoning
• Majority zoned Objective Z6 under the Dublin City
Council Development Plan 2016-2022, “To provide
for the creation and protection of enterprise and
facilitate opportunities for employment creation”
• 307 South Circular Road zoned Z1, “To protect,
provide and improve residential amenities”
• First display of the next draft development plan
for Dublin City due September 2021
Z4 District Centre
Z6 Enterprise / Employment
Z1 Sustainable Residential Neighbourhoods
Z2 Residential Neighbourhoods
(Conservation areas)Redevelopment Opportunity • Substantial, brownfield, Inner City site of approx. 1.15ha. (2.84 acres) • On a main distributor road and adjacent to Cork Street corridor • Excellently serviced by public transport • Convenient walking distance of city centre • Established residential and neighbourhood-commercial location • In proximity to Griffith College and to Coombe, James’s and new National Children’s hospitals • 188m. approx. canal frontage • Opposite Strategic Development & Regeneration Area • Clear case for rezoning • Obvious residential, PRS, student housing, nursing home, and mixed-use development potential
Sales Process The property is being offered for sale by way of Formal Tender. Completed Tenders must be submitted by 2:00pm on Wednesday 07 November 2018. Further Information / Viewings Full access to a dedicated data room and to tender documents is available from the joint selling agents, PALRE and Lisney, subject to the execution of a non-disclosure agreement. Viewings are strictly by appointment Philip Lammas PALRE T: 01 639 2916 E: plammas@palre.ie Christopher Belton Lisney T: 01 638 2700 E: cbelton@lisney.com Solicitor Whitney Moore Wilton Park House, Wilton Place, Dublin 2 T: 01 611 0000 Any intending purchaser(s) shall accept that no statement, description or measurement contained in any newspaper, brochure, magazine, advertisement, handout, website or any other document or publication, published by the vendor or by PALRE or Lisney and the vendors agents, in respect of the premises shall constitute a representation inducing the purchaser(s) to enter into any contract for sale, or any warranty forming part of any such contract for sale. Any such statement, description or measurement, whether in writing or in oral form, given by the vendor, or by PALRE or Lisney as the vendor’s agents, are for illustration purposes only and are not to be taken as matters of fact and do not form part of any contract. Any intending purchaser(s) shall satisfy themselves by inspection, survey or otherwise as to the correctness of same. No omission, misstatement, misdescription, incorrect measurement or error of any description, whether given orally or in any written form by the vendor or by PALRE or Lisney as the vendor’s agents, shall give rise to any claim for compensation against the vendor or against PALRE or Lisney, nor any right whatsoever of rescission or otherwise of the proposed contract for sale. Any intending purchaser(s) are deemed to fully satisfy themselves in relation to all such matters. These materials are issued on the strict understanding that all negotiations will be conducted through the joint selling agents, PALRE and Lisney. Please note we have not tested any apparatus, fixtures, fittings, or services. Interested parties must undertake their own investigation into the working order of these items. All measurements are approximate and photographs provided for guidance only. The joint selling agents’ PSRA Numbers are 003966 and 001848 respectively.
Location Map
St. James’s
Hospital
Coombe
Hospital
Griffith
College
The Propertywww.lisney.com
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