21-22 Michael Street,

(Tenants Not Affected)

Purcell Properties are delighted to offer to the market a superb opportunity to purchase two adjoining commercial properties incorporating two ground floor retail units with scope to convert the vacant upper floors into three residential units.

Unit 21 is currently generating a rent of 18,000 per annum and Unit 22 is also generating a rent of 18,000 per annum.

Located on Michael Street in the heart of Waterford City the two inter-connected buildings have the capacity to create 2 x 1-bed apartments and 1 x 2-bed apartment on the upper floors.
The ground floor retail units are currently rented and the buildings will be sold with tenants in occupation.

21 Michael Street is currently leased to O’Reilly’s Hair and Beauty Supplies on a 2-year lease from 1st January 2025.

22 Michael Street is currently leased to Phone and Vape on a 4-year 9-month lease from 1st October 2023.

The subject property is conveniently located less that 300m from John Roberts Square, less than 250m to City Square Shopping Centre and less than 400m to the Quay. Close to some popular retail premises including Dunnes Stores, Penneys, The Book Centre, Pandora, Lifestyle Sports and Guineys.

GROUND FLOOR ACCOMMODATION

21 Michael Street
Retail Unit comprising circa 840 ft

Entrance Hallway
To Upper Floors

22 Michael Street
Retail Unit comprising circa 415 ft

POTENTIAL FIRST FLOOR ACCOMMODATION
See attached draft plans for the upper floors.

Apartment 1
2-bed comprising circa 590 ft

Apartment 2
1-bed comprising circa 670 ft

POTENTIAL SECOND AND THIRD FLOOR ACCOMMODATION

Apartment 3
2-bed comprising circa 820 ft

POTENTIAL RENTAL INCOMES
First Floor
Two-bed – Apartment No. 1 – 1,500 pcm
One-bed – Apartment No. 2 – 1,200 pcm

Second Floor –
Two-bed – Apartment No. 3 – 1,500 pcm

MAIN FEATURES
Excellent city centre location
Renovation project
Potential combined annual rent in the region of 68,000 per annum