Potential to grow rent in Georgian Dublin investment

Estate agent Knight Frank is quoting €1.55 million for a Georgian investment at 37 Upper Fitzwilliam Street in Dublin 2.

The four-storey-over-basement mid-terrace building has a floor area of 361sq m (3,886sq ft) and is located on the east side of Upper Fitzwilliam Street, close to Fitzwilliam Square and Baggot Street.

The well-maintained building is let under two short-term temporary convenience leases to Campbell Sharp Associates. The lease of the ground floor runs for four years from 2013 at €12,752 a year. The upper floors are let for five years from December 2013 at an annual rent of €40,000. The basement level is currently vacant.

The current income of €52,752 reflects a low average rental base of only €13.50 per square foot but, based on recent lettings, the market rent should be more than €115,000.

Adrian Trueick of Knight Frank says that with the potential for either owner occupation or leasing at considerably higher rents in 2018 the building should appeal to both occupiers and investors. The selling price reflects an attractive rate of less than €400 per square foot.