The Granary, a block of 14 apartments at Distillery Lofts, Dublin 9, has been brought to the market by Savills on the instruction of Declan Taite, Receiver, of Duff & Phelps. The guide price for the entire is €3.5m.
The Granary, a block of 14 apartments at Distillery Lofts, Dublin 9, has been brought to the market by Savills on the instruction of Declan Taite, Receiver, of Duff & Phelps. The guide price for the entire is €3.5m.
The building – which was originally in use as a whiskey distillery dating back to the 1800s – is also the location of the penthouse apartment featured in the acclaimed Irish crime-drama, Love / Hate. In season one of the series; the penthouse was the home of fictional drug trafficker, John Boy Power. The current tenants of The Granary will not be affected by the sale.
Located between Richmond Road and Distillery Road, overlooking Croke Park to the South, The Granary consists of 1, 2 and 3-bed apartments. The impressive penthouse has been left vacant to accommodate viewings and, once let, the 14 units will produce a gross income of €220,200 per annum giving a gross initial yield of 6.02% with significant potential for future rental growth. The ERV is currently estimated at €241,200 per annum.
The building was the former location of the Dublin Whiskey Distillery Co. – founded in 1878 – and many of the original features such as the brick work and archways have been preserved and exposed – providing a feeling of space and character, according to Savills.
Internally, the apartments are well appointed with high specification kitchens and bathrooms acting as a counterpoint to the original brick and steel structure. The average size of the one bed units is 53 Sqm (570 Sq ft.) whilst the average size of the two beds is a spacious 122 Sqm (1,317 Sq ft.)
The exceptionally large penthouse extends to 3,423 Sq. ft and offers panoramic views of Croke Park, the city centre and Holy Cross College.
Communal areas include a storage unit extending to 53 Sqm (570 Sq ft).
The amenities of Drumcondra, Fairview, Phibsborough and Clontarf are all within easy reach, including a host of restaurants, shops, schools, colleges, hotels, parks and leisure facilities. Dublin City University is just 4km to the North, whilst the Botanic Gardens, St. Patrick’s College, Bon Secours and Mater hospitals are all nearby. Dublin city centre is within walking distance of the development with both O’Connell Street and the IFSC just 2km away.
The Granary also benefits from excellent public transport links including Drumcondra train station, Connolly Dart and train station, the M50/M1 road network and various Dublin Bus Routes on Clonliffe Road, Richmond Road, Summerhill Parade and North Strand.
David Browne of selling agent, Savills, said:
“The Granary is one of the most exciting multi-family investment opportunities to come to the market this year. We have already had enquiries from local and international investors who are attracted by this high quality, well-located, spacious and historical building situated only minutes away from Dublin city centre.”