Dún Laoghaire business park with scope for residential scheme seeks €3m
A combination of secure rental income and future residential development potential in a sought-after south Dublin location should see strong interest from a range of parties in the sale of Mounttown Business Park. Located immediately adjacent to the well-known P McCormack’s pub, the scheme, which sits just 1km from Dún Laoghaire and 1.8km from Monkstown village respectively, is being offered for sale through Ross Harris of agent Cushman & Wakefield at a guide price of €3 million. Mounttown Business Park currently comprises seven commercial units, with six of these occupied and generating combined annual rental income of €241,800. The final unit is the subject of lease negotiations at present. Should a deal for this unit be concluded, the selling agent estimates the development’s overall rental income will increase to €291,800 a year. All the leases have deeds of renunciation executed, providing an incoming owner with a clear path to securing vacant possession across the site. Mounttown Business Park occupies a 0.25-hectare (0.63-acre) site, which is zoned Objective NC (Neighbourhood Centre) under the Dún Laoghaire Rathdown County Development Plan 2022-2028. Give this designation’s ambition to “protect, provide for and/or improve mixed-use neighbourhood centre facilities”, the investment is expected by the selling agent to appeal to both developers and investors. The subject site has a positive planning history dating back to 2007, when it was the subject of approval for the development of 27 apartments. Feasibility studies completed recently by HKR Architects in preparation for the property’s sale suggest it has the potential to accommodate a scheme of 34 apartments or 14 townhouses and two one-bedroom apartments.