Molesworth Street investment at €4m has scope for redevelopment

Agent Knight Frank is guiding a price of €4 million for Molesworth House, a prominent office building in a prime position in Dublin city centre.

The property, at the junction of Molesworth Street and South Frederick Street and within a short walk of the Luas green-line stop on Dawson Street, comprises a five-storey over-basement building with a net internal area of 9,264sq ft. The building has dual access and frontage on to Molesworth Street and South Frederick Street, and gated rear access via Dawson Lane. The property comprises retail and office accommodation, and offers significant repositioning potential, including options for refurbishment, rooftop extension or full redevelopment, subject to planning permission.

Molesworth House, built in the 1930s and subsequently refurbished, retains its traditional redbrick facade while providing modern commercial accommodation. It is zoned Z5 – City Centre under the development plan, which facilitates a broad range of uses including office, retail, residential, educational and hospitality.

The building is 63 per cent vacant. It is partially let to Mitsui & Co Europe Plc and M&T Aviation, generating a combined passing rent of €167,000 a year. Both tenants have signed deeds of renunciation, offering the prospective purchaser the option of securing vacant possession.

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John Earley of Knight Frank says: “This is an excellent opportunity for an investor to acquire an office and retail asset in one of Dublin’s most-sought-after areas. Given the location, profile and repositioning potential of Molesworth House, we expect to see considerable interest in this asset.”