Agent Murphy Mulhall is guiding prices of €2.7 million and €1.35 million respectively for two period office properties in Dublin’s Georgian core.
In the case of number 15 Harcourt Street, the prospective purchaser stands to secure immediate rental income of €137,200 per annum, with the opportunity to increase this through the letting of currently vacant office space. There is also the opportunity to obtain full vacant possession of the property (subject to relevant notice periods), as none of the current tenants have acquired landlord-and-tenant rights.
The premises briefly comprises a four-storey over-basement Georgian office property which extends to a net internal area of 4,943sq ft. The building occupies a high-profile location at the junction of Harcourt Street and Montague Lane in Dublin’s south city centre. The property, which retains numerous original features including ornate cornicing, is laid out currently as office accommodation across all floors and is configured as 10 self-contained, semi-serviced suites. Unusually, the property also has the benefit of one on-street car-parking space, located to the front on Harcourt Street.
Number 40 Northumberland Road comprises a three-storey over-garden-level period property of 1,970sq ft, and is located close to the junction with Haddington Road in Dublin 4. It currently consists of well-presented office accommodation on the ground and first floors, along with a self-contained live/work unit on the lower-ground floor with independent access. The ground and first floors are let on a short-term licence producing €60,000 per annum, while the lower-ground floor live/work unit is currently vacant. There is immediate potential to increase the rent roll by securing a new tenant for the vacant live/work unit. There is also scope to obtain full vacant possession of the property (subject to relevant notice periods) which may suit owner-occupiers. The property would also be suitable for conversion in its entirety to residential use, subject to planning permission.
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Commenting on the sales, Brian Gaffney of Murphy Mulhall said: “Both opportunities give purchasers a chance to acquire impressive, high-profile and centrally located period properties. While they have undoubted potential as investment properties, they would also suit an owner-occupier’s requirements. The attractiveness of having short-term income on both will allow purchasers the time to consider their strategies for each property while generating rental income.”