Landscape Road, Churchtown, Dublin 14
An interesting commercial investment / residential development property has been sold through joint agents Hooke & MacDonald & Stapleton Property Consultants in the region of the guide price of €2,150,000.
Landscape House is located on Landscape Road, Churchtown in a prime south Dublin suburb. It is situated close to Rathfarnham, Rathgar Terenure, Milltown and Clonskeagh.
Landscape House comprises a detached two storey office building which extends to approximately 1,608.4 sq.m (17,313 sq.ft) on a site of 0.24 hectares (0.59 acres). The property is let to Apleona Ireland Limited, a leading international facilities management company, Red Box Direct Limited & Flextime Limited at an income of approximately €215,312 per annum, all of which expire by 2027.
Landscape House benefits from extensive road frontage and is located directly adjacent to Landscape Court apartment development and a parade of commercial properties to the west.
An architect feasibility study has been prepared by Optimise Design which indicated that the site has potential (Subject to Planning Permission) for a scheme of 35 apartments. Landscape House will provide the incoming purchaser the flexibility to either redevelop the property or to further enhance the property by way of asset management.
The property was sold by Hooke & MacDonald & Stapleton Property Consultants in December 2023.
“We are delighted with the successful sale of Landscape House in the region of the guide price. This transaction underscores the attractive combination of an income producing property with obvious development potential, coupled with its current income and architect feasibility study for a potential scheme of 35 apartments, made it an attractive opportunity for investors.” commented Conor Steen, Associate Director at Hooke & MacDonald.
‘There is plenty of demand from particularly cash investors seeking sensibly priced opportunities and this will hold throughout 2024 as debt investors will seek to reduce borrowings’ says Peter Stapleton of Stapleton Property Consultants.
