Saturday 10 December 2016

Upper Fitzwilliam St at €1.55m

Published 10/11/2016 | 02:30

Agents Knight Frank are quoting a price of €1.55m for No. 37 Upper Fitzwilliam Street, a four-storey over basement Georgian period building located in the heart of Dublin's core office area.

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Situated on the east side of Upper Fitzwilliam Street, close to Fitzwilliam Square and Baggot Street, the property, which extends to 361 sq m (3,886 sq ft), is let under two short-term temporary convenience leases to Campbell Sharp Associates. The ground floor is let for a period of four years from September 30, 2013 at a current rent of €12,752 per annum. The upper floors are let for five years from December 1, 2013 at a rent of €40,000 per annum. The basement level is available with vacant possession.

No. 37's current income of €52,752 per annum reflects a low average rental base of only €13.50 per sq ft. Based on recent lettings, the market rent for the space should, according to the agents, be over €115,000 per annum.

With the potential for either owner occupation or re-leasing at considerably higher rents in 2018, the property should appeal to both occupiers and investors.

The price reflects an attractive rate of less than €400 per sq ft.

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