€1.6m Modern Office and Development Site at Wicklow Town,
11th November 2015
Lisney and Clarke Auctioneers have been jointly instructed to offer an investment property yielding €165,000 pa, mainly let to the OPW, along with a 0.7 acre development site with warehouses and yard both at The Murrough in the heart Wicklow Town just off the main trading area adjoining the seafront.
The office building is approx. 15 years old and will be of appeal to Dublin investors seeking a good quality modern building with car park constructed to a high standard as well as a development site situated opposite and containing a yard and some warehouses. While the development site adjoins the seafront it is suited to a wide range of uses with the benefit of a town centre zoning. The property is available in 2 lots and we are asking €1.25m for the office building and €350,000 for the site. (€1.6m)
The office building and the site are located in an area called the Murrough which is located immediately to the east of Wicklow town. The Murrough is a coastal complex which stretches for approximately 15 km from Ballygannon near Kilcoole to the north of Wicklow town. The property is on the western side of the Murrough and the site is rectangle shaped. Wicklow town is the county town in Co. Wicklow. It is approximately 50km south of Dublin city centre and approximately 28 km south of Bray town centre. It is in close proximity to the N11 which is approximately 4km away. The surrounding area is a mix of residential to the south and commercial to the north. The area enjoys views over the sea, port and harbour area of Wicklow Town.
The office building comprises of a modern detached “L” shaped office development laid out over three floors, constructed approximately 14 years ago. It is currently occupied by two tenants, The Commissioners of Public Works in Ireland (OPW) and Teck Ireland Ltd. The OPW occupy the ground and first floor while Teck Ireland Ltd occupies the second. Internally, the office accommodation is arranged around a central access core at ground, first and second floor. There is 20 car spaces to the front of the property. The OPW are paying a rent of €124,000 pa with 5 years remaining on their 20 year lease while Tech Ireland are paying €41,000 pa and also have a lease until 2020.
The development site comprises of a yard with open sided sheds and three vacant warehouses that face onto The Murrough on approximately 0.7 acres. The entrance to the yard is from a secured gate on The Murrough Road. The warehouses extend to approximately 400 sq.m/4,306 sq.ft. The three vacant warehouses adjoin Wicklow’s Educate together school. 7 car spaces within the yard are currently let to Teck Limited on a licence agreement at a rent of €250 per month exclusive. The zoning for this area is very wide and the planners are encouraging a wide range of uses as possible beings so close to the town centre and beside the sea.