A mixed investment property known as Primrose Forge in the commuter town of Celbridge, Co Kildare, has been brought to the market with a €2.85m+ price tag.
It is currently producing a gross rental income of €261,552 per annum and there is opportunity to add to this income.
Sitting on a 1.1-acre site, the entire scheme comprises a block of 16 apartments, a terrace of three townhouses, a detached bungalow and a commercial block to the front with three ground floor retail units ranging in size from 36.1 to 62.1 sq m. The former is vacant.
Upstairs in this block, a shell and core space extends to 183.9 sq m. It was planned for office use but the agents TWM say it offers potential for conversion to residential use subject to planning permission.
The accommodation included in the sale extends to approximately 1,620 sq m (17,436 sq ft). This investment sale comprises the entire, save for apartment 11 and its parking space which was sold soon after the development was completed.
Each of the 15 apartments included in the sale comprise of two bedrooms, a living room with interconnected kitchen, a bathroom and storeroom. The terraced townhouses all comprise two bedrooms one of which is ensuite, a bathroom, a kitchen/diner, a living room and a back garden. The residential element of the scheme is completed with a detached three-bedroom dormer bungalow which has been converted from the original forge, built around 1825. The forge is built of stone rubble and is considered charming both inside and out with a large garden to the rear.
“Intel’s planned expansion in nearby Leixlip and Primrose Forge’s location so close to Celbridge town centre and Hazelhatch train station underpin its appeal as a residential location,” says Benjamin Haythornthwaite of TWM. “Beyond that, the attractive gross yield of about 9pc and the potential for asset management should result in strong interest from a wide range of investors.”
Built around a private cul de sac the development enjoys ample parking with 28 delineated spaces and a communal lawned garden. It is located on the Hazelhatch Road, within easy walking distance of the centre of Celbridge town and under 2km from Hazelhatch/Celbridge train station offering direct routes into Dublin city.
Celbridge is an attractive and prosperous town located 20km west of Dublin city centre, on the banks of the River Liffey. The town is the third largest in Co Kildare with a population of over 20,000 people.
The nearby town of Leixlip is home to the Intel headquarters, currently employing over 4,500 people and with plans to expand and upgrade their facility with an investment of €7bn and providing 1,600 new jobs. As part of the expansion plan for the facility, Intel intend on starting a shuttle bus service to and from Celbridge town centre.