€4000K commercial/ residential challenge on William Street

1009
Four storey over basement, 45 William Street

IN THE heart of the city at No. 45 William Street – across from Allens – there is a tall challenge waiting for the right investor. We write of a commercial premises, not trading currently, and a three storey tier of two bedroom apartments of varying size overhead.

Below street-level there is a basement for storage/ whatever so there are five levels in all, four storey over basement.

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Rooney Auctioneers at 99 O’Connell Street has charge of the sale in the past couple of weeks. The entire building at No. 45 is vacant possession other than a separate entity, a barbershop owned independently, to the side rear at Fox’s Bow.

Rooney agent Tony Wallace is guiding the sale at €400,000, on the market in one lot only.

“The apartments need some work in refurbishment to bring them up to full compliancy with building regulations. Once money is spent on them I see rent of €800 per unit monthly as being the income that is the cherry to this building”.

Coincidentally, the last occupant to the 1,200 sq ft commercial space was a bakery and café. Previously it was a butcher’s and “subject to planning permission, it is open to a wide span of use, be that retail, services, café, feeding off the main brands of William Street”.

Potential rent per annum for this ground floor over basement is between €10,000 and €12,000. Each of the three apartments is between 700sq ft and 750 sq ft and would reel in €9,600 each annually, comprising €38,000 combined when the five storeys are in business.

Note that rental levels in the city have grown 13 per cent thus far in 2017 and there is a restricted supply of good quality places to live. The incoming owner of No. 45 William Street has strong incentive to make it a prize earner.

Talk to Tony Wallace on 087-2621760, brochure by email [email protected] at No. 99 O’Connell Street.