€1m guide price for Ely House and site
ELY House and surrounding warehouses on Nutgrove Avenue in Rathfarnham are set to go under the hammer later this month with a guide price of €1m.
Auctioneer Bid X1 described the development as a “commercial investment” comprising an office building, a number of warehouses and the site.
Ely House and warehouses on Nutgrove Avenue in Rathfarnham
Seven of the eight rooms in Ely House are occupied with informal tenancies at €43,320 per annum, while the six external units on site are fully occupied with informal tenancies at €31,680 per annum.
The car wash at the site is on an overholding lease at €30,000 per annum.
Building floor areas extend to approximately 1,002 sq m (10,785 sq ft), and the site is zoned for R2 Existing Residential.
According to the auction listing for the development, there is potential for re-development, subject to obtaining all necessary planning consents.
Total current rent reserved is €105,000 per annum with vacant possession of one unit, while the net initial yield is 9.5 per cent.
Separately, an unfinished detached five-bed house and surrounding land on Kilmashogue Lane in Rathfarnham will go up for auction later this month with a guide price of €395,000.
The property is located on a site area extending to approximately 0.49 hectares, and it is noted in the listing that extensive completion works are required.
Local amenities include Kilmashogue Golf Club, Ballinascorney Golf Club, Kilmashogue Forest Recreation Area and Kellystown Equestrian Centre along with a wide range of shops, bars and restaurants available in Rathfarnham Village.
The two lots will separately go under the hammer at Bid X1’s online auction on June 25.