Wednesday 21 August 2019

Leeson Street office building guiding €2m

QRE is guiding €2m for 44 Leeson Street (with black door)
QRE is guiding €2m for 44 Leeson Street (with black door)

Peter Flanagan

QRE Real Estate Advisors is seeking in the region of €2m for a Georgian office building which is being sold as an investment.

The agents have ben tasked with selling the property at 44 Lower Leeson by way of Private Treaty.

The property comprises a four storey over basement mid terrace Georgian building which QRE say has been maintained to a high standard throughout.

"The property is the ideal office investment opportunity for those looking for a fully let property with further reversionary potential," QRE said.

The average un-expired combined lease term is two and a half years between the two tenants that are currently in-situ.

The occupiers in place pay an annual rent of €92,000 per annum, which is inclusive of the mews and six car spaces to the rear.

The office element on the ground to third floor extends to 3,296 sq ft while the basement unit extends to 1,100 sq ft.

QRE Real Estate Advisors are quoting a guide price of €2m for the entire of, to include the mews and car parking to the rear.

Internally, the accommodation is "bright and spacious" throughout and benefits from CAT 5 cabling, electric storage heating, a fire alarm, emergency lighting system and shower facilities.

Many of the original features are still in place with decorative cornicing, ceiling roses and fireplaces all retained.

The mews to the rear extends to 955 sq ft which can also be accessed via 44 Leeson Place to the rear.

Subject to planning permission, QRE say the mews could be further extended to provide additional residential or commercial accommodation.

"Dublin 2's central location benefits from all the amenities and facilities that the city centre has to offer, with St. Stephens Green Park within a five minutes walk as well as good mix of eateries to enjoy to include House, Suesey Street, Dax and F.X Buckley which are all within close proximity.

The property can be accessed via a number of transport routes.

"44 Lower Leeson Street is situated within a premier business district and is definitely an investment opportunity not to be missed," said QRE's Aishling O'Hanlon, who is handling the sale along with Brian Kelly.

Space Property Group launched Quadrant Real Estate in September.

The business is a wholly owned subsidiary of the Space Property Group, which also controls the Allsop auction business.

At the time of the launch, QRE said it was established to "drive the innovations needed in the market and will deliver director led, innovative solutions for tomorrow's real estate consumers".

In essence, QRE will run the private treaty arm of Space Property Group, while auctions will continue to run under the Allsop brand.

As a firm within the Space Property Group, QRE said it will have access to over 60,000 unique buyers, the largest property buyers register in the industry made up of both Irish and international clients across 147 different countries.

"With access to Europe's number one real estate auction business, Allsop and the highly innovative and successful online closing tool. QRE is strongly positioned to provide its clients with a unique range of asset management and professional services unlike any other firm heretofore.

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