Redevelopment opportunity on Harcourt Street

An

opportunity to develop and link up a new office building with a Georgian house on Dublin’s Harcourt Street will arise shortly when CBRE offers the combined properties for sale at €3.95 million.

With Grade A office space in the city becoming more scarce by the month and rents shooting up to even higher levels than during the property boom, the selling agents are expecting a broad level of interest in what is a somewhat unusual development opportunity.

Number 10 Harcourt Street, located on the west side of Harcourt Street opposite KPMG and 10 doors up from St Stephen's Green, is set to be linked up with a four-storey over basement modern office block that will face on to Montague Lane.

The combined space will extend to around 1,721 sq m (18,525 sq ft) and will include a basement car park. A common lift and stair core area located between the two buildings will open the way for a larger open floor plate on all levels.

Robert Colleran of CBRE said that with prime office rents expected to reach €592 per sq m (€55 per sq ft) in 2016 the Harcourt Street development should benefit from higher rents and a shortage of high quality space in Dublin 2. The vacancy rate for Grade A space in Dublin 2 was only 2.07 per cent with only a very limited supply of new accommodation due for completion pre-2016, he said

Harcourt Street was recently given a shot in the arm with the opening of the Dean Hotel. Hibernia REIT's recent purchase of a substantial Garda office block on the street with the intention of redeveloping it will also be viewed as extremely positive news for the street.