Tuesday 22 August 2017

This Georgian gem with mews on Lower Leeson St is on the market for €1.9m

No 44 Lower Leeson Street is for sale at a guide price of €1.9m and includes a mews property to the rear
No 44 Lower Leeson Street is for sale at a guide price of €1.9m and includes a mews property to the rear
The mews building at 44 Leeson Place is included in the sale
Ronald Quinlan

Ronald Quinlan

Agents Colliers International are guiding a price of €1.9m for 44 Lower Leeson Street and 44 Leeson Place, Dublin 2.

The sale of the property includes the main building comprising a mid-terrace Georgian building with a net internal area of 391 sq m (4,255 sq ft) over five floors and a mews property at 44 Leeson Place, which is accessed off Adelaide Road, together with six car parking spaces. The mews comprises 89 sq m (954 sq ft) arranged over two floors. While the latter property is currently in office use, the agents believe it would be suitable, subject to planning permission, to medical use in view of its proximity to the Royal Victoria Ear and Eye Hospital. The property's new owners may choose to convert it to residential use, again subject to planning permission.

No. 44 Lower Leeson Street, meanwhile, provides excellent office accommodation with ground and first floors boasting large, bright offices suited to the modern occupier. The building retains many of its original period features including cornicing, ceiling roses and fireplaces.

The building's basement extends to 120 sq m (1,284 sq ft) with attractive cut-stone walls. It boasts independent access off Lower Leeson Street and direct access to the car park.

The mews building at 44 Leeson Place is included in the sale
The mews building at 44 Leeson Place is included in the sale

Given its central location and proximity to Dublin city centre's transport links, the basement could be suitable for alternative uses such as a café, restaurant, wine bar or gym uses, subject to planning permission.

No. 44 Lower Leeson Street is within walking distance off a host of restaurants, bars, cafes and hotels. St Stephen's Green and Grafton Street are both located within a five-minute walk.

Michele McGarry, director of Colliers International, is handling the sale, and is quoting a guide price of €1,900,00 for the entire to include the mews. The price equates to €365 per square foot - a mere fraction of the €1,500 per square foot achieved by similar properties at the peak of the market. With prime Georgian buildings now commanding rents up to €45 per square foot and €4,000 per car space, the building will appeal to investors as well as owner-occupiers.

Colliers International have been involved in the sale of a number of properties in the area, including 43 Fitzwilliam square for €2.1m; 45 Upper Mount Street for €2m; 10 Lad lane at €750,000; 26 Fitzwilliam Square at €2.8m.

Ms McGarry says: "Interest in Georgian buildings remains strong, with the pool of buyers includes investors, owner occupiers and buyers looking to convert back to residential use".

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