€1.3m for Georgian on the "Golden Mile" in south Dublin
Published 24/05/2015 | 02:30
Quinn Agnew is guiding €1.3m for a Georgian mixed use property in the heart of Dublin's city centre.
The property at 4 Pembroke Street Lower includes the main building which is a three storey over basement building with a gross area of 205 sq m.
The property is said to be maintained many of its Georgian features and has been adapted to both office and residential use.
There is also a modern two storey mews extending to 220 sq m.
That property is bringing in a rent of €58,000 per annum.
The main building is being offered with vacant possession. The buyer can obtain vacant possession of the mews in about six months' time.
Manus Agnew, who is managing the sale, said the property had been in the same family for more than 35 years.
"This is the most special Georgian building that I have offered to the market due to its location and potential for both residential and commercial use within an area that is in the heart of Georgian Dublin, he said.
"The area is within close proximity to the Central Business District and main shopping and social areas in the city, and is likely to attract interest from both owner occupiers and investors," he added.
The Georgian market has been particularly strong in recent months.
Prices for some of them in Dublin 2 and Dublin 4 rose by about 50pc in the between 2012 and 2014 to around €300 per sq ft while some of the best of them can command more than €400 per sq ft.
Last autumn 12 Merrion Square sold for €2.85m or €900,000 over CBRE's asking price. Its sale price suggests a net initial yield of 5.34pc and a capital value of €396 per sq ft.
A four-storey over basement building extending to almost 7,200 sq. ft it is let under 11 short term licenses, grossing an annual rent roll of €210,555 and had the added advantages of a passenger lift and nine parking spaces.
Sunday Indo Business