Tuesday 10 December 2019

Merrion Square Georgian offices with a €4m guide

Knight Frank is guiding €4m for 25 Merrion Square
Knight Frank is guiding €4m for 25 Merrion Square

Peter Flanagan

Knight Frank is guiding €4m for what it describes as a "prime office investment" at 25 Merrion Square in Dublin 2.

The mid terrace Georgian property comprises 691 sq.mwith a two storey modern mews building of 128 sq m to the rear at Denzille Lane with 17 tarmac surface car parking spaces.

The five storey over basement is said to retain "impressive ornate coving, cornices, ceiling roses and feature fireplaces in the principal rooms".

"There is an impressive ground floor entrance hall and single staircase," Knight Frank said.

The building is let to six different office occupiers producing a total annual net rent of €180,500.

The property is let on a mix of short and long term leases - all are said to be significantly below market rents. Tenants include DLS Partners & DLS Capital Management, Astec Global Consultancy, Pario Spv Management, The Reputations Agency and Techskills Resources.

The two-storey mews building is vacant and was most recently occupied for offices use with open plan layout on both floors; the upper floor is larger with a vehicle through pass at ground.

"The mews building has recently been refurbished and is ready for occupation. A purchaser can let the mews building immediately at market rent, owner occupy or may consider converting to residential use subject to planning permission," said Knight Frank's Damien McCaffrey.

"Lease expiry and rent review dates are approaching in the short to medium term in Georgian building, presenting an opportunity for investors to increase their rent roll to market value in the region of €287,000 per annum providing an investment return of 6.86pc. The property is well maintained and presents immaculately throughout," he added.

The €4m guide price equates to an estimated €454 per sq ft including parking spaces

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