Joint agents Murphy Mulhall and Cushman & Wakefield are delighted to bring the sale of two superb Georgian investments to the market. The ‘Viscount Collection’ comprises No.’s 38 – 39 Leeson Street and No.’s 17 – 19 Fitzwillam Street, Dublin 2, two reversionary investment properties located in the heart of Dublin city centre. The properties are being offered ‘For Sale’ in one or more lots by the joint agents.
No.’s 17- 19 Fitzwilliam Street, Dublin 2 comprises three interconnecting four storey over basement Georgian buildings which extend to approximately 870.86 sq.m (9,374 sq.ft) in total. The property is multi-tenanted and is currently fully occupied with a mix of commercial and residential occupiers. There are commercial occupiers on ground, first and basement levels with the upper floors comprising 6 apartments which includes 2x3 beds, 1x2 beds and 3x1 beds. The property is in very good condition throughout and has been well maintained. The passing rent is €227,500 per annum.
No.’s 38-39 Lower Leeson Street, Dublin 2, comprises two multi-tenanted interconnecting Georgian buildings which extend to approximately 970.27 sq.m (10,444 sq.ft) . The property includes two mews apartments located to the rear which are accessed via Leeson Place. No. 38 comprises a four storey over basement property which includes offices with a two bedroom apartment on the top floor, whilst No. 39 comprises a four storey over basement building which includes offices and a two bedroom apartment on the top floor. No. 38 & No. 39 are interconnected on the second floor level. The basement of both buildings is occupied by a nightclub. The mews apartments comprise 2 x 3 bed apartments. There are 8-9 delineated car parking spaces to the rear accessed from Leeson Place.
The passing rent is €346,300 per annum.
Both properties present a rare opportunity to acquire a substantial reversionary Georgian investment in the heart of Dublin 2 with undoubted potential to increase the future rent rolls of each though rent reviews and asset management.
The agents are seeking offers in excess of €4,300,000 (€458 psf capital value) for 17-19 Fitzwilliam Street reflecting a Net Initial Yield of 4.87% after the deduction of standard acquisition costs. They are seeking offers in excess of €5,150,000 (€493 psf capital value) for 38-39 Lower Leeson Street reflecting a Net Initial Yield of 6.2% after costs.
The joint agents are expecting strong interest from a mix of local and international investors looking for ‘hands-on’ asset management opportunities as the Georgian investment market continues to attract strong demand. Both properties offer significant reversionary potential, underpinned by rising rents and robust occupier demand.
For full details contact Clive Roche or Mark Fitzpatrick in Cushman & Wakefield or Brian Gaffney or Gareth McKeown in Murphy Mulhall.