31-35 Grosvenor Square is a three-storey block extending to 708 sqm
With the new rental reform legislation encouraging larger investors to invest in residential apartment blocks, a property in Rathmines is expected to appeal to both investors and developers.
Located at 31-35 Grosvenor Square, it comprises a three-storey block extending to 708 sqm and contains 12 one-bedroomed, self-contained apartments. Each has a floor area of about 45 sqm.
Cathal McCarthy of selling agents DNG is guiding €3.6m for it.
This property comes to the market with eight of the apartments currently occupied. Their rental income would present an opportunity for a value-add investor to generate income while enhancing the vacant apartments which were constructed in the mid-1970s.
Alternatively, it would provide income for a developer while waiting for the planning system to process a redevelopment planning application which could increase the number of units and enhance their appeal.
Mr McCarthy believes that one option is to add an L-shaped extension to the block.
Currently its 0.39-acre site area accommodates off-street resident parking to the rear.
Situated on a residential road, it benefits from easy access to all of the amenities that Rathmines and its town centre has to offer including food stores, restaurants, pubs and two cinemas, including the famous Stella.
Rathmines has a strong tradition over the decades of offering a range of rental accommodation.
Grosvenor Square is a residential Victorian square built between the late 1850s and early 20th century. It is known for its tranquil, non-through-road atmosphere and high-end period homes.
While predominantly large family homes, some properties have been converted into residential apartments.
The square features central green spaces, including Stratford Tennis Club and Kenilworth Bowling Club.
It is also situated within easy walking distance of Rathgar, Ranelagh and Harold’s Cross.
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