Tuesday 22 May 2018

Quoting price of €2.35m for Fitzwiliam Square offices

Colliers is quoting €2.35m for 26 Fitzwilliam Square
Colliers is quoting €2.35m for 26 Fitzwilliam Square
Peter Flanagan

Peter Flanagan

Colliers is quoting €2.35m for a Georgian property at 26 Fitzwilliam Square in Dublin 2.

The block is currently in office use.

The property is let in its entirety. Tenants include Adare Cosmetics and Grafton Recruitment. Colliers say the rental income totals €92,000 per annum from a number of short term tenants.

Given the growth in office rents around the capital in the past three years, Colliers believe there is ample opportunity to increase rents at review and the expiry of the leases.

As well as that, the new owner will take possession of 2,820 sq ft - almost two thirds of the property - in November when the lease to Grafton Recruitment expires.

The 4,500 sq ft property comes with six car parking spaces to the rear.

Colliers' Michelle McGarry notes that the surrounding area is home to many established corporate occupiers, including LinkedIn, IDA, Regus and Medical Council.

The property is within walking distance to all City Centre amenities, including a host of restaurants, bars, cafes 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 and St. Stephens Green, Charlemount and Harcourt Luas stops all within a short walk.

This is not the only Georgian property on the market through Colliers at present.

It is handling the sale of two properties at 14 and 15 Herbert Place which comprise two mid terrace, three storey over garden level Georgian buildings with a mews and parking to the rear.

The properties are said to have been well maintained throughout, retaining many original features with attractive cornicing, ornate fireplaces and ceiling roses throughout.

The building at number 14 is made up of three spacious, recently refurbished apartments, comprising two one bedroom and one two bed apartments.

The upper floors of No. 15 are in office use and held under two separate leases.

The mews to the rear, accessed via Herbert Lane, is described as having been substantially refurbished and provides modern, stylish office accommodation. The accommodation also includes a crèche on the garden level of both buildings.

The agents believe that the properties are "ideally situated in the heart of Dublin 2".

The property is producing €150,405 per annum and provides a weighted average unexpired lease term of an estimated 7.27 years.

Stephen Conway is handling those properties.

The Georgian office market is seen as improving rapidly, driven by the shortage of office space in Dublin which remains acute.

Sunday Independent

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