FOR SALE 88-92 Townsend Street Dublin 2 - SOUTH DOCKLANDS INVESTMENT PROPERTY - TWM
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FOR SALE
SOUTH DOCKLANDS INVESTMENT PROPERTY
88-92 Townsend Street
Dublin 2
Tenants not affected
Private & Confidential
twmproperty.ie
Subject to Contract / Contract Denied
88-92 TOWNSEND STREET, DUBLIN 2, D02 XD92
Reasons to Buy
• Excellent South Docklands location
• Modern business hub in vibrant SOBO District
• Located beside Hibernia REIT’s Windmill Lane Office and Residential development
• Attractive Investment Yield
• Asset Management angles
• Feasibility scheme design showing potential redevelopment of approx. 1,271sq.m (13,681sq.ft) GIA
• Long term development potential with positive planning history
• Link to Google Map
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PRIME PROFILE LOCATION
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PRIME PROFILE LOCATION
Location
The property is in a high-profile position on the corner of Townsend Street and Creighton Street in Dublin’s South
Docklands. The property is situated adjacent to Grand Canal Square and is within easy reach of the City Centre and the
IFSC. Transport links are second to none with The LUAS network, DART station’s, Dublin Bikes and numerous bus routes
all within proximity.
The area is a modern business hub with adjacent occupiers including BNY Mellon, Three Ireland, Bloomberg, Morgan
Stanley, Verizon and Grant Thornton. The building is situated opposite the new Windmill Lane development provides
11,287 sq. m (121,491 sq. ft) of new state of the art office accommodation, fully let to companies such as Masons,
Informatica, Core Media, Autodesk and Pinsent
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88-92 TOWNSEND STREET, DUBLIN 2, D02 XD92
Description
The Property comprises two self-contained, 2/3 storey buildings extending to an approximate net internal floor area
NIA of approx. 498 sq. m (5,360 sq. ft).
88-90 Townsend Street is a modern three storey office building extending to approximately 375 sq. m (4,039 sq. ft).
It is of concrete frame construction with a pitched and slated roof. The exterior is clad with red brick with fully
glazed frontages at ground floor level. The building is occupied by Irish National Organisation of the Unemployed
(INOU)
91-92 Townsend Street comprises two interconnecting two storey buildings of traditional block/brick construction
with a pitched and slated roof. It extends to a floor area of approx. 134 sq. m (1,451 sq. ft). It is mostly occupied by
Darmody Architecture t/a (Stearman Architecture LTD). There is a refurbished 2 bedroom apartment at first floor
level of No.92 separately accessed from Creighton Street.
Darmondy Architecture have produced a Feasibility Study which identifies a proposed office development of (GIA)
1,271sq.m (13,681sq.ft) subject to planning permission. A copy of this Feasibility Study is also available for review
upon request.
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88-92 TOWNSEND STREET, DUBLIN 2, D02 XD92
Description
Zoning
Approx. Floor Area Approx. Floor Area
Building Tenant Lease Rent The property is zoned part
sq. m sq. ft
neighbourhood Centre (Objective
Irish National 10-year lease from 1st
Z3) and part Residential (Objective
Organisation of October 2018 with 5-
88-90 Townsend €150,000 Z1) in the Dublin City Development
375 4,039 the year tenant break
Street p.a Plan 2016-2022. 2022-2028 Draft
Unemployed option. The tenant has
(INOU) rights of renewal. plan proposes the same zoning.
Tenure
Darmody
Architecture 10 years from 1st Freehold registered title
Entire 91 and
October 2018 a 5-year €50,000
Ground floor 92 81.88 881
(Stearman mutual landlord and p.a BER
Townsend Street
Architecture tenant break option
C1-G
LTD)
2 Bed Apartment Proposal
Corporate
€27,000*
First Floor 92 53 570 letting Roiling One Year Lease We are seeking offers in the region
p.a
Townsend Street company of €3m which reflects a net initial
TOTAL 509.88sq. m 5,490 sq. ft €227,000 yield of 6.88% allowing for standard
purchaser’s costs of 9.96%.
*Rent reduced €1,700 per month for a period over Covid*
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Please note: All intending purchasers should satisfy themselves in relation to floor areas.88-92 TOWNSEND STREET, DUBLIN 2, D02 XD92
Photos
twmproperty.ieF O R F U R T H E R I N F O R M AT I O N P L E A S E C O N TA C T: Ryan Tyrrell Sean O’Neill + 353 1 676 6566 + 353 1 676 6566 + 353 (0) 87 692 3923 + 353 (0) 86 388 9303 ryan@twmproperty.ie sean@twmproperty.ie TWM for themselves and for the vendor/lessor of the property whose agents they are, give notice that: 1. These particulars do not constitute an offer or contract or any part thereof and none of the statements contained in the particulars as to the property are to be relied on as a statement or representation of fact. 2. The vendor does not make or give, nor is the Agent(s) or its staff authorised to make or give any representation or warranty in respect to this property. 3. All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as statements or representations of fact but must satisfy himself/herself by inspection or otherwise as to the correctness of each of them. 4. In the event of any inconsistency between these particulars and the contract of sale, the latter shall prevail. 5. VAT may be payable on the purchase price. 4-5 Dawson Street, Dublin 2, Dockgate, Dock Road, Galway, D02 FH72, Ireland H91 DFP3, Ireland T +353 1 676 6566 T +353 91 458 987 twmproperty.ie
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