Bloomfield House, Bloomfield Avenue on the South Circular Road in Dublin 8 comes to the market for sale this week through selling agent BNP Paribas Real Estate. The property is on the western side of Bloomfield Avenue close to its junction with South Circular Road and directly opposite St Kevin’s church and Bloomfield cottages, conveniently located within a 10-minute walk from Camden Street and 750m from the Luas Green line stop at Harcourt Street. There are a number of Dublin bus routes accessible via Bloomfield Avenue including the 9,16,16D,68 and 68A with nearby Dublinbike stations located at Portobello Harbour and Portobello Road.
Bloomfield House, which was originally constructed in the early 1930’s is an imposing detached two storey office building situated on a c.0.10 hectare (0.26 acre) site extending to a net internal area of 774 sq.m. (8,327 sq.ft.). The external front of the property is of traditional red brick construction whilst the remainder of the property is made up of cement rendered external façade incorporated under a part pitched slated and part flat roof. There is a generous yard to the rear of the property accommodating up to 12 car parking spaces and is accessed via Longwood Avenue.
Occupied by two Tenants each benefitting from own-door access, the ground floor and mezzanine levels of the property is let on a 10-year lease from the 1st September 2014 to established marketing agency “Boys + Girls” who have extensively modernised and refurbished their offices. The annual rent which was reviewed in 2019 equates to €160,000 p.a. This letting is inclusive of 8 car parking spaces.
The first floor of the property is let on a 5-year lease from the 1st July 2021 to Mechanical & Electrical building services company Delap and Waller. The annual rent was agreed on stepped level, averages out at €71,250 p.a over the 5 years and includes 3 car parking spaces. The combined rent between the two tenancies equates to €230,200 p.a giving an attractive initial yield of c.6% to a new investor.
The immediate South Circular Road area is a predominantly established residential location, has seen an influx of quality eateries and boasts a host of amenities including the Flyefit Gym Portobello, Locks Restaurant, The Little Bird Café, ALMA, I Monelli restaurant, South Circular Road Pharmacy and recent Michelin star awardee Bastible.
Selling Agent Fearghal Lynam commented, “Bloomfield House is a rare opportunity to acquire an asset within the increasingly desirable location of Dublin 8. The property benefits from an attractive and functional fit-out on the ground/mezzanine floors whilst the first floor presents an asset management opportunity to refurbish or extend. The immediate Dublin 8 area has proven to be attractive for investors with the future development pipeline over the coming years including the Player Wills Bailey Gibson land, Heuston South Quarter, former DIT Kevin Street campus and Diageo’s St James’s Gate Quarter attesting to this.”
Further information on this sale is available from Keith O’Neill and Fearghal Lynam of BNP Paribas Real Estate at (01) 661 1233.
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Ellen Browne, Business Coordinator