A range of private investors and family offices are expected to run the rule over the sale of 61 Merrion Square, a fully let Georgian office investment in the heart of Dublin’s traditional central business district. The building is within a short walk of Government Buildings and the Merrion Hotel, and overlooks Merrion Square Park. It is being offered for sale by agent Colliers on behalf of joint receivers Kieran Wallace and Andrew O’Leary of Interpath Advisory at a guide price of €3.3 million.
Number 61 Merrion Square is a four-storey over-basement midterrace Georgian building extending to 510sq m (5,491sq ft), with parking for four cars to the rear. The property is in excellent condition, having been restored to a high standard. It retains numerous of its original Georgian features. These include its decorative cornicing, sash windows, original fireplaces and high ceilings.
The building is occupied by four tenants – Kennedy PR & Brand, Primo Productions, The Friday Agency, and NBK Architects - an– is generating a passing rent of €186,360 a year with a weighted average unexpired lease term (WAULT) of 2.23 years. Primo Productions occupies the ground and first floors, and account for about 50 per cent of the rent roll, paying €91,784 a year. Its lease expires in 2027.
The investment also offers reversionary potential, with some of the passing rents substantially below the market level. Three of the four tenants have signed deeds of renunciation giving the buyer the opportunity, if required, to secure vacant possession as the leases expire.
The €3.3 million guide price equates to a net initial yield of 5.13 per cent and a capital value of €600 per square foot.
Michele McGarry of Colliers says: “Number 61 is arguably the best-quality Georgian to come to the market for some time. This sale will generate strong interest from buyers.”
