Friday 6 December 2019

Further resurgence in city's Georgian market as BNPRE seals three deals

Further signs of a resurgence of activity in Dublin's Georgian property are reflected in recent deals recorded by BNP Paribas Real Estate.

A purchaser with plans to create a family home paid more than €1m for 40 Fitzwilliam Place, which had been in offices occupied by the sales agents.

Owned by the Abrahamson family since the 1920s it was in good decorative order, extended to 392sqm and included a mews building to the rear.

Keith O'Neill of BNPRE says that the much keener prices have made restoration to family homes much more attractive in recent months.

In Quarter 4 last year, BNPRE also leased two full Georgian buildings. Number 12 Fitz- william Square is a four-storey over basement house extending to 420sqm (4,520 sq ft) with five car parking spaces to the rear.

Within four weeks of it being refurbished, it was let to Life Science Recruitment, a specialist scientific and healthcare recruitment consultancy on a five-year lease at an annual rent in the region of €205 per sqm (€19 per sq ft).

A four-storey building, 127 Lower Baggot Street which extended to 260sqm (2,800 sq ft) was let to Bespoke tailored property and serviced office solutions who agreed to a new 10-year lease with break options at an annual rent in the region of €134.55 per sqm (€12.50 per sq ft).

Mr O'Neill attributes this increased Georgian office letting activity to the willingness of some companies to opt for refurbished Georgian with good IT infrastructure as these are centrally located.

Such occupiers need about 185-557sqm (2,000-6,000 sq ft) but don't necessarily need to be on a single floor plate.

"Typical 325-418sqm (3,500-4,500 sq ft) Georgian houses in good condition can be leased for under €215 per sqm (€20 per sq ft).

In most instances there will be no service charge liabilities, which can be a cost saving of about €64.58 per sqm per annum.

That would amount to over €100,000 a year when compared to a multi-tenant building, with service charges and based on a standard five-year lease term on a 372-418sqm Georgian building.

BNPRE is currently seeking tenants for two vacant Georgian buildings for which it is quoting €200 per sqm (€18.50 per sq ft).

Both buildings were refurbished about five years ago. 44 Lower Leeson Street extends to 306sqm ground to third floor and 90 Harcourt Street extends to 420sqm.

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