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Friday 29 August 2014

Bids of over €2.85m sought for Dublin office buildings

Peter Flanagan Commercial Property Editor

Published 19/06/2014 | 02:30

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Some of the properties on the market in Upper Mount Street, Dublin 2

A number of Georgian office buildings in the centre of Dublin have been on the market with an asking price of nearly €3m.

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Joint Agents Quinn Agnew and Bennett's Auctioneers are quoting in excess of €2,85m for 19, 20 and 21 Upper Mount Street, Dublin 2.

The properties are being offered for sale by best bids with a deadline for offers of noon on July 22.

The offices are currently "significantly under rented", say Quinn Agnew, with "immediate potential to increase rental levels due to expiring leases and the letting of voids".

The offices are currently producing an annual rent of €143,525 and aside from one basement office are fully occupied. In addition to the offices the properties also have 20 car spaces at the rear.

Current tenants include Kieran Ryan & Co, Egan O'Reilly Solicitors and Sharon Hoey Bridal Dresses.

Selling Agent Marc McGrath, of Quinn Agnew, said he expected there to be a lot of interest in the property.

"We are anticipating strong interest in this sale in light of the continued recovery in the Dublin investment market and the hardening of rental values in the general Dublin 2 area".

This is the latest sale of Georgian-era buildings that have since been converted to offices, as demand for investment opportunities in prime areas of Dublin shows little sign of abating.

In April CBRE put two properties on Leeson Street on the block while BNP Paribas has sold a similar office on Herbert Street between Baggot Street and Mount Street Crescent.

Office buildings in the top areas of the capital continue to be hugely popular with investors – even for those properties that are not in tip top condition.

After nearly €2bn worth of commercial property changed hands last year as much as €5bn could be moved in 2014.

By far the majority of those sales will take place in Dublin and in turn will likely be focused on the likes of Dublin 2 and Dublin 4.

Elsewhere, Quinn Agnew has been tasked with selling a community centre in Ballyfermot for around €825,000. The three buildings extend to 1,176 sq m and occupy a site of 0.42 ha.

While the buildings are in reasonable condition Manus Agnew, which is handling the sale, expects interest from a from a wide variety of users, as the site is zoned z4 which allows for varied uses including medical and retail.

Offers in excess of €825,000 are sought for the sale which is offered by private treaty.

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