Kimmage ex-cinema with residential development potential seeks €3m
Dublin
12, is expected to attract interest from both investors and developers.
Developed in 2002 on the site of the former Apollo Cinema, the building is being presented to the market by agent JLL as an investment with significant asset-management and redevelopment potential at a guide price of €3 million.
Apollo House occupies a high-profile position in a long-established residential area. The property is positioned directly across from the entrance to Sundrive Shopping Centre and sits within a short walk of a number of shops, cafes and Eamonn Ceannt Park. The property comprises a four-storey over-basement building, extending to 17,826 sq ft (1,656 sq m), with 13 basement car-parking spaces.
The entire ground floor is let to two established tenants, namely Boylesports Bookmakers Ltd and EuroLee Discount Store. These tenants are generating a combined passing rent of €130,000 per annum.
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The Boylesport lease has an expiry date of April 5th, 2027, while the EuroLee lease is set to expire on April 30th, 2027. Floors one and two of the building come with vacant possession, while the third floor features a large penthouse apartment, which is occupied at present by one of the private investors involved in the building's ownership group. The apartment will be vacated once the sale of Apollo House is agreed.
Apollo House sits on Sundrive Road in Kimmage
Reddy Architecture + Urbanism has produced two feasibility studies outlining the property's redevelopment potential. These propose the addition of two storeys to the existing property to create a six-storey over-basement building accommodating either 24 residential apartments or 50 student-accommodation bedrooms.
Both proposals fall under the site's Z4 zoning, the aim of which is 'to provide for and improve mixed-service facilities' as per the Dublin City Development Plan 2022–2028.
Ollie Lyons of JLL says: 'This is a prime asset in a well-established Dublin city suburb, offering both short-term income and significant upside through refurbishment or redevelopment.
'We expect strong interest from investors seeking yield with growth potential, as well as developers targeting residential or student-accommodation schemes.'
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