Office and retail prospects for €12m on St Stephen's Green and Kildare Street
The three buildings are mostly vacant
A TRANCHE of Dublin city centre properties fronting on to St Stephen's Green and adjoining Kildare Street have come to the market this week with a €12m guide price.
The three buildings, which are mostly vacant, extend to a combined total area of about 1,485 sq m and offer an interesting development prospect because they wrap in a type of L-shaped site around Adam's auction rooms.
The largest of them is 25 St Stephen's Green, a six-storey over-basement building developed in the 1970s and extending to 10,500 sq ft. Its ground floor and basement are occupied by EuroGiant under a terminable licence, subject to an annual fee of €152,000. The remaining floors, which had been in office use, are vacant.
Around the corner, 14 Kildare Street, which has a Georgian-style elevation, extends to 3,186 sq ft and was also developed in the 1970s. It also had retail at ground level as well as offices on the four upper floors. The adjoining 15 Kildare Street is an original period building which is laid out in one studio and three one-bedroom apartments and extends to 2,281 sq ft.
Five car parking spaces are provided in a courtyard to the rear of the buildings, accessed from St Stephen's Green.
Adrian Trueick, director of sales agent Knight Frank, says that 15 Kildare Street was developed at the same time as the St Stephens Green property and the retail at ground floor runs under both buildings.
"However the upper floors do not link through and the development play is to fill in this area and extend out the floors into part of the courtyard area behind the buildings," he adds.
"As the successful buyer will be able to secure full vacant possession, the property offers potential to add significant value. Options include refurbishment of the existing accommodation, extending and widening the floor plates to link the Stephen's Green and Kildare Street buildings, or more comprehensive re-development. Small, modern floor plates are difficult to find in this location and upgraded accommodation in this area will achieve premium rents. There is also the potential to increase the existing basement area to provide additional retail or restaurant use," Mr Trueick says.
Located between Kildare Street and Dawson Street, it is on St Stephen's Green's busiest side, close to landmarks including the Shelbourne Hotel, Grafton Street and Government Buildings. In the prestigious office and commercial pitch, the sale provides one of few opportunities to buy a prominent block on St Stephen's Green with potential to add value by refurbishment or development. Properties on the Green are rarely offered for sale.