Investor pays €1.7m at Fitzwilliam
The pick up in Dublin office prices may be rippling out to some centre city Georgian properties.
A terraced building at 5 Fitzwilliam Square, Dublin 2, has been sold for €1.7m which is €600,000 over the €1.1m guide price which agents CBRE had been quoting for it when they brought it to the market last September.
Partly let in offices, the property has a current passing rent of €98,000 a year. It also has the benefit of a 0.2 acre site.
The building is in good condition and extends to 658sqm with four floors overground and a basement.
Colm Luddy of agents CBRE said among the factors which sparked strong interest in the property was its large car park to the rear which is accessed from Lad Lane, Dublin 2 and which offers potential for a significant office or resid-ential mews development.
"Fitzwilliam is the city's best Georgian Square and there is strong demand for others on the square," he adds.
It was bought by a private investor who is expected to increase the return on the property from part of the basement and the first floor office suites which are currently vacant.
Well presented, the building has been upgraded over the years and includes lift access to the office accommodation.
Currently it has five tenancies, which are not affected by the sale and the top floor is let as an apartment.
"It is estimated that the total potential rent roll, if fully let, would be in the order of €120,000 per annum," Mr Luddy added.
It was brought to the market as an investment opportunity on the instructions of Kieran Wallace and Eamonn Richardson, joint receivers from KPMG.