Opportunity to refurbish and extend on Molesworth Street for €12.5m

A significant opportunity to refurbish and extend two buildings on Dublin’s Molesworth Street is likely to attract developers and investors alike. Agent Mason Owen & Lyons is seeking in excess of €12.5 million for numbers 34 and 35.

The street has been revitalised in recent years, following the development of new office buildings, now home to a plethora of corporates including AIB, Barclays Bank and Invesco, as well as the upscale eatery The Ivy.

The two adjoining properties comprise a modern and period building, which extend to almost 14,000sq ft with eight surface car-parking spaces.

Number 34 is a modern five-storey building, which incorporates a traditional Georgian-style facade, while Number 35 is a traditional Georgian property, which presents in very good condition and retains many of its original period features.

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The properties are currently occupied by tenants including the Kingdom of Spain, Miley & Miley Solicitors, and AGFIA Ltd, with an annual rent roll of over €380,000.

According to Mason Owen & Lyons, there is scope to enhance the rent by refurbishing and letting the vacant space in number 34. The Norwegian Embassy recently vacated the ground and first floors, and the second floor is also vacant, presenting the chance for a new owner to increase the rent roll to almost €650,000 per annum.

Surface car park

Moreover, the property contains the last remaining surface car park on Molesworth Street, which could also be used to extend the existing office footprint. In addition, the two-storey rear section of number 35 could be redeveloped to increase the square footage, subject to obtaining the necessary planning permission.

Noting the strong demand for investments in prime locations, Paul Kelly of Mason Owen & Lyons said another city centre property was recently sold by the agency, with the sale price exceeding the guide price by approximately 20 per cent.

“We expect the properties on Molesworth Street to attract plenty of interest due to the prime location, asset management and value-add opportunities,” he said.