Ashford House Portfolio Goes Up On The Market At Guide Price Of €1.95 Million

The Ashford House portfolio is being offered to the market on the instruction of receiver Declan Taite of Kroll Advisory.

The Ashford House portfolio is being offered to the market on the instruction of receiver Declan Taite of Kroll Advisory, at a guide price of €1.95 million by Lisney. Situated on a 0.7-hectare (1.8-acre) plot in Ashford, the portfolio offers the prospective purchaser the opportunity to secure a commercial investment along with the scope to deliver a residential development. The subject property currently comprises a well-maintained, two-storey mixed-use investment building (tenants not affected) consisting of ground-floor retail units, a large, licensed premises, first-floor offices, a large enclosed rear yard, and a substantial, recently resurfaced car park which is accessed directly from the street. The building extends to 1,869sq m (20,118sq ft) and is currently producing an income of almost €140,000 per annum, offering both reversionary potential and additional income through the letting of a currently vacant unit at the side of the property which overlooks the river Vartry. There are also stepped future rent increases from the licensed premises portion. A feasibility study prepared by Crawford Architecture in advance of the sale suggests there is potential to develop 17 residential units and retail spaces (no planning status) on the adjoining car park (zoned “town centre”), while still leaving a substantial car park for commercial customers.  With continuing high demand for residential accommodation, and increasing density trends, the selling agent says it is possible that a greater number of residential units could be secured through the planning process (subject to planning permission). Ashford has been identified by Wicklow County Council as a location for the provision of high-quality housing, concentrated principally around Ashford town centre and lands within 500m of the town centre. Lisney say that approaches have already been made and are seeking offers in excess of €1.95 million.