Mount Street office building sells for €2.8m

An private investor has paid €2.8 million – well above the €1.65 million guide price – for Crescent Hall, a vacant office building on Mount Street Crescent in Dublin 2, which is to be refurbished before going on the letting market.

The price works out at €5,544 per square metre on the net internal area to include car parking.

The four-storey-over-basement building dates from 1996 and was sold by Michael Healy of Savills on behalf of international investors Kennedy Wilson which acquired it as part of a portfolio of properties previously held by Treasury Holdings.

The stand-alone block extends to 505sq m (5,435sq ft) and includes six basement car-parking spaces.

Floor plates range in size from 110sq m to 128sq m and include raised access floors, data cabling, suspended ceilings and recessed light fittings. A passenger lift has also been installed.

Michele McGarry of Colliers International, who acted for the purchaser, said as soon as a full refurbishment was carried out the building would be offered to let on a floor-by-floor basis or in its entirety. She said it was virtually impossible to get floor plates of these sizes within Georgian Dublin.