Dublin Georgian office building sells for €1m above guide

With Dublin’s Georgian office buildings again in demand with investors and professional firms, BNP Paribas Real Estate has hit the jackpot with the sale of 36 Upper Mount Street for €2.62 million – a full €1 million above the guide price.

The five-storey classic Georgian house has a small two-storey extension and 10 car-parking spaces and is close to St Stephen’s Church, popularly known as the Pepper Canister. Barry Ronan of BNP said the sale price works out at €6,275.41 per sq m (€583 per sq ft), which is the highest price paid for a Georgian house in the past eight years. Four bidders chased the property at more than €2 million.

BNP estimates that the new owner will have to spend about €300,000 on refurbishing the house, which had been rented for the past 35 years by the Office of Public Works. It was occupied in recent years by the Office of the Pensions Ombudsman at €200,000 per annum.

The house has an impressive reception area with a passenger lift servicing all floors, as well as a partial fit out of Cat 5 cabling, modern kitchenette facilities and a fire escape to the rear.

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O’Connell Street rental

Agent CBRE is seeking a tenant for a prime retail pitch at 65/66 O'Connell Street in Dublin. The substantial building dating back to 1860 occupies a high-profile location on the western side of the street close to the corner of Henry Street.

The agency is inviting rental offers of €250,000 for the ground floor and basement premises, which extend to 337sq m (3,628sq ft) and are suitable for a general retail business or a cafe/restaurant.

Shane Cahir of CBRE said the flagship building opposite the Spire was in an area constantly visited by tourists as well as shoppers heading for Henry Street.

Bank investment

Joint agents Cushman & Wakefield and Sherry FitzGerald Carroll are guiding €540,000 for a ground floor bank premises at Castle Street in Ardee, Co Louth, which will show a net initial yield of 8.11 per cent.

The 172.13sq m (1,853sq ft) premises is occupied by AIB under a 35-year lease from 1992 with nine years remaining. The current rent is €47,500. Two upper floors in the three-storey building do not form part of the sale.