Georgian on Fitzwilliam Square sells for €2.8m

In a further sign of the recovery in values on Dublin's Georgian squares, Colliers International has secured just over €2.8 million for 26 Fitzwilliam Square, well above the €2.35 million guide price.

The house is on the south side of the square, and is in immaculate condition. It has a floor area of 418sq m (4,500sq ft) and six car spaces to the rear. However, the sale did not include a mews building which is held under separate ownership.

The house is let to tenants including Adare Cosmetics and Grafton Recruitment at an overall rent of €92,000. The net initial yield will be only 3.1 per cent.

Michelle McGarry of Colliers said the sale price of €625 per sq ft underlined the increasing values in the Georgian market and the higher demand for these properties.

Last December Colliers sold the vacant 40 Fitzwilliam Square for €2.1 million, equating to €507 per sq ft. A year earlier the same agency got €2.45 million for number 43 – the equivalent of €570 per sq ft– with the benefit of a potential mews site. Both properties were bought by international investors.

With the property market in the doldrums in 2012, 10 Fitzwilliam Square was sold for a mere €950,000, reflecting a capital value of only €257 per sq ft.

Ms McGarry says the much improved demand for the houses since then has come from domestic and international cash buyers as well as others looking to reconvert them to residential use.