Hotel and pub entrepreneur Louis Fitzgerald has secured a number of tenants for parts of his Jervis Street property in Dublin city centre where he is planning a major mixed development.
He has let 650sqm of offices on the ground and first floor of Abbey House, at the corner of Abbey Street and Jervis Street, to ECM College (the European College of Management) on a three-year lease.
The privately owned college provides third-level courses and professional training in business, marketing and management in both full-time and evening courses.
Mr Fitzgerald's agents Hooke and MacDonald have also signed up local men's hairdresser, Ed's Barbers, for an adjoining retail unit fronting the LUAS line within Abbey House.
The remaining top floor office accommodation of 270sqm is available to let on flexible lease terms at around ¿130 per sqm. In addition, two small shop units fronting the LUAS line are available at quoting rents from ¿12,000 per annum.
These have very good profile and are adjacent to the rear entrance to the Jervis Shopping Centre.
Abbey House was bought by hotel and pub entrepreneur Louis Fitzgerald a number of years ago for redevelopment together with the adjoining multi-storey car park on the southern section of Jervis Street.
Late last year his company Hibernian Autopark lodged a planning application for a mixed development on the site which is only about 100 yards from the rear of The Morrison Hotel and across the road from Jervis Shopping Centre.
At one stage Mr Fitzgerald was considering developing a 200-bedroom hotel on the site which is also close to his Arlington Hotel on Bachelor's walk.
However it is understood that he is now considering developing retail at ground floor at Abbey House and car park as well as offices in the overhead stories.
Enda Moore of Hooke & MacDonald commented that these recent lettings demonstrate the potential to generate short/medium term rental income while enhancing the future development potential and value of the property: "By devising a targeted marketing strategy involving limited expense, we have successfully generated good rental income, while at the same time utilising the stalled market to add value to the asset and the future redevelopment of the property which should occur once more normal market conditions return".
This is a strategy that is likely to be of interest to any property owner looking to generate rental income while the market recovers.