One of Dublin's most unique investment opportunities, the newly restored St George's Church on Temple Street in the north inner city, goes on sale from today at a fraction of the expense involved in bringing it up to full modern office specification.
Joint agents Arthur Ryan Property Consultants and Cushman & Wakefield are guiding €2.9 million for the distinctive church, which will give the next owner an initial yield of 8.58 per cent. It is rented by the adjoining Temple Street Children's University Hospital on a 10-year lease from 2015 at an annual rent of €225,000.
The church was acquired at the end of 2002 by Navan property developer Eugene O'Connor, who specialises in the restoration of classical buildings. He spent a fortune on creating a new era for St George's – €4.5 million alone was expended on external work, including the refurbishment of the elegant 200ft-high sandstone tower and spire and a further €5 million on converting the inside of the building into a high-class office facility.
Tastefully integrated
The fact that the church is as broad as it is long allowed O’Connor to install two “floating” raised access floors, which have been tastefully integrated into the fabric of the building and bring the overall floor area up to 2,043sq m (22,000sq ft). Temple Street’s clerical staff now have Cat 6 data cabling and other high-spec features to ensure that it is a smooth-running office operation.
For the landlord, there is the added benefit of two licence agreements and €35,000 in annual fees from Vodafone and Meteor, which have communications equipment on the roof of the building.
The location, next door to Temple Street Hospital and a two or three minutes’s walk from the exceptionally busy Mater Hospital, ensures a busy future role for St George’s.
The church, frequently described as one of Dublin’s most beautiful buildings, was designed by Francis Johnston, funded by the then wealthy Protestant community in the north inner city, and built between 1802 and 1814. It was deconsecrated in 1990.
