Wednesday 17 January 2018

Georgian with a €2m guide

Colliers International are guiding €2m for a Georgian house at 40 Fitzwilliam Square in Dublin 2.

The property comprises an mid-terrace four storey over basement Georgian building of approximately 384 sq m and it is claimed to have been well maintained throughout with many of the original features preserved.

There are said to be five car parking spaces which are accessed from Laverty Court to the rear.

The property was previously in office use and is being sold with vacant possession, however the eventual purchaser would have the option to convert the entire back to residential, if desired, say Colliers. The purchasers would also be entitled to become members of the Fitzwilliam Square private park for the use of those living in close proximity to the Square.

"The subject property is located in Dublin's prestigious Georgian Quarter ," said Colliers.

"This is an established and highly desirable business location in the heart of Dublin's central business district.

"The surrounding area is home to many established corporate occupiers, including LinkedIn, IDA, Regus, and Bank of Ireland.

"The property is within easy walking distance to all City Centre amenities, including a host of restaurants, bars and hotels.

St. Stephens Green and Grafton Street are located within a 10 minute walk. The area is well served by a host of public transport facilities including numerous bus routes, Dart and Luas Green Line," the agents said.

The sale is being managed by Colliers' Richard Bielenberg and Michele McGarry.

The Georgian property market in Dublin 2 and 4 has benefited recently from a combination of an upturn in the office market, together with the impending deadline for the capital gains tax waiver as well as increased demand some home buyers seeking stylish residences in the city centre.

Consequently prices for some of them have risen by about 50pc in the last two years to around €300 per sq ft while some of the best of them can command more than €400 per sq ft.

At the bottom of the market three years ago some of those in poor condition sold for less than €600,000 while since then others have reached three or four times that amount. Sir Anthony O'Reilly's on Fitzwilliam Square is believed to have achieved as much as €3.2m.

The Georgian market in particular is seen as having benefited from the higher yields the properties have been able to provide to investors.

Well located Georgian houses which don't need a lot of work can generate net yields of as much as 7pc plus which can beat comfortably yields generated by modern offices.

The property is located in an area zoned Z8 under the Dublin City Development Plan 2011-2017 which is defined as "To protect the existing architectural and civic design character to allow only for limited expansion consistent with the conservation objective".

Sunday Independent

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