OfficeInvestment: A superb investment property beside the Merrion Hotel at Upper Merrion Street, Dublin 2, is expected to generate considerable interest when it goes for sale this week.
Joint agents Bannon Commercial and Harper O'Grady are quoting a guide price of €8 million for a parade of three four-storey over basement Georgian buildings (numbers 18,19 and 20) which go to tender on March 15th. The location will be a strong selling point, right at the junction of Upper Merrion Street and Baggot Street.
The three buildings were integrated some years ago except at the ground level of number 18 which is divided into two single lock-up retail units, one let to Irish Nationwide, the other to Rhubarb sandwich bar.
The basement of the three buildings is let to The Pearl Brasserie restaurant. The remaining areas on the ground floors and all the upper floors were used for some years as serviced offices and are now vacant. A new owner is likely to refurbish the offices which should be relatively easy to let because of the convenient location. The entire property has a floor area of 1,605 sq m (17,274 sq ft) and is being sold with six off-site car parking spaces.
The occupied parts of the buildings produce a rental income of €143,329 a year and apart altogether from the fact that it is highly reversionary, there is scope to substantially increase the rent roll once the 866 sq m net (9,320 sq ft) of offices are upgraded and let.
