Lisney seeks €3m for Palladian-style offices on Harcourt Terrace

Lisney is quoting €3 million for a 75 per cent stake in a period office conversion in Dublin 2.

The four-storey over basement Palladian-style building at 6-7 Harcourt Terrace extends to some 740.90sq m (7,975sq ft) and has eight car-parking spaces.

It is let to one tenant on a 35-year lease from December 15th, 1989. The tenant, architects Burke-Kennedy, Doyle & Partners, has sublet some of the floors while the contracted rent of €325,000 a year has been abated to €185,125 for the past four years.

The property is in an attractive cul de sac while the surrounding area comprises a mix of residential houses and office buildings.

The Luas stop at Charlemount is within walking distance and there is a good selection of bus routes nearby.

St Stephen’s Green is 600m away and major occupiers in the locality include Rabobank, Deloitte, Mazars and Ernst & Young.

Meanwhile, a sale of Georgian offices on Dublin’s Lower Leeson Street has just closed at what could be a new benchmark price for the sector – €4,984 per sq m (€463 per sq ft).

“The price achieved for 63 Lower Leeson Street was in excess of our original expectations and is certainly ahead of available comparable evidence for Georgian office accommodation in the Leeson Street and Fitzwilliam Square area, with sales typically being in the region of €300 to €400 per sq ft,” says Richard O’Neill, head of commercial auctions at agent Allsop.

Development Securities Plc (Dev Sec) bought the property in 2014 after Savills put it on the market in May 2013 guiding €850,000.

But Dev Sec subsequently elected to trade the Georgian via an Allsop auction with a reserve range of €1.3 million to €1.6 million.

When it came under the hammer in June it attracted three bidders – two in the auction room and an overseas investor on the phone. Bidding began at €1 million and rose to €1.56 million over the next five minutes before the building was knocked down to the overseas phone bidder.

It is an end-of-terrace Georgian with a top-floor apartment. The office accommodation is spread over the basement, ground, first and second floors.

With a floor area of 313sq m (3,370sq ft), it has a high-spec fit-out which includes Italian tiling, carpeting and solid wood flooring.

There is also a modern fitted kitchen and shower as well as gas central heating.

The offices are wired for data and power cabling and there is a garden to the rear.