Thursday 27 October 2016

A D2 Georgian gem with mews at €1.8m

Published 13/10/2016 | 02:30

Rental income potential
Rental income potential

Investors and owner-occupiers have an opportunity to acquire a refurbished four-storey over basement property in the heart of Dublin's core Georgian area for €1.8m.

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No. 9 Upper Fitzwilliam Street comes with its own separate, two-storey mews facing on to Baggot Court and is being offered for sale by agents Knight Frank.

Situated on the west side of Upper Fitzwilliam Street, close to Fitzwilliam Square, the main house extends to approximately 346 sq m (3,730 sq ft), while the two-storey mews building, which is in office use, measures approximately 91.7 sq m (987 sq ft). The property includes one car parking space.

The property is in good decorative order having been refurbished in 2006. Notwithstanding those works, No. 9 retains a number of its original Georgian features. The majority of the property is in office use, with the third floor currently laid out as a two-bedroom apartment.

The main building is let under four separate leases, with tenants including Lemanik Asset Managers and Red Letter Film. The apartment is let to Ebbable Systems. The basement and first floor return are currently vacant. The mews building is let to Ignition Communications.

The current income of €75,800 per annum reflects a low average rental base of only €21.00 per sq ft. Based on recent lettings, the market rent for the space has the potential to increase to over €120,000 per annum. The €1.8m asking price reflects a rate of €380 per sq ft.

With the exception of the ground and first floors, the existing leases have expired, so there is potential to increase the rents by either negotiating with existing tenants or securing new lettings.

Knight Frank's Adrian Trueick says the property offers a range of opportunities, including the separate sale at some point of the mews building.

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