Commercial Property

Eye-catching Georgian goes on auction for €2.75m-plus

No 48 Fitzwilliam Square currently producing rent of €135,000 and likely to increase

48 Fitzwilliam Square, Dublin: it underwent a complete refurbishment in 2005

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Jack Fagan
Wed Nov 15 2017 - 07:00

One of the most photographed Georgian houses in Dublin, 48 Fitzwilliam Square, looks set to attract even more attention in the run up to auction on December 14th, when it is due to be offered for sale for only the third time in more than 120 years.

The four-storey over-basement building and adjoining houses covered in Virginia creeper are constantly photographed by tourists and other admirers of some of the city’s most prestigious offices and homes.

No 48, now predominantly in office use, has been exceptionally well-maintained over the years. It underwent a complete refurbishment in 2005, including rewiring, recabling and redecoration. Three years later it was reroofed and again fitted with the latest electrical appliances and in 2014 the elegant rooms were again upgraded and repainted.

Michael Turley of Turley Property Advisors is guiding in excess of €2.75 million for the house, which has a net internal area of 386sq m (4,162sq ft) and a one-bedroom residential mews at the rear extending to 51sq m (512sq ft). The garden area includes five or six car parking spaces and storage for four bicycles.

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The house currently produces a rental income of €135,000, which Turley contends could be increased to well over €200,000 on review. Ardstone Capital is paying an annual rent of €85,000 (€25.50/sq ft) for offices on the ground, first, second and third floors. The 2015 lease provides for a landlord or tenant break at the end of the sixth year.

The basement is in residential use, with three/four bedrooms that are rented at €24,000 per annum. The mews has independent access from Laverty Court and has the potential to produce a rental income of €20,000 per annum.

No 48 is located on the west side of Fitzwilliam Square overlooking the park, to which it has access.