D4 trophy asset for over €6.7m

A former bank building now shared by a Milano restaurant and individual offices at the busy corner of Baggot Street and Haddington Road in Dublin 4 is to be offered for sale as a trophy asset at more than €6.75 million.

Marguerite Boyle of Savills is handling the sale of the Victoria Buildings for receiver Ken Fennnell of Kavanagh Fennell.

With the complex currently producing a rent roll of €356,900 per year, a purchaser can expect an immediate return of 5.07 per cent and even better results once a range of vacant floors are let.

There are two elements to the investment, the original red brick period building and a modern, well-designed extension.

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The ground floor restaurant and basement are occupied by Milano at €230,000 per annum under a lease which has another nine years to run.

The busy restaurant facilities includes a decked terrace on the side of the Grand Canal. The upper floors of the period building are fitted out as serviced office suites and are currently producing €50,400 per year.

The modern office building has an impressive full height reception area which is accessed from Haddington Road.

Offices on the third floor are rented for €76,500 per annum but the remainder of the space is vacant.

With the ever-increasing demand evident for office space in the central business district, this building is likely to benefit in the months ahead.

Jack Fagan

Jack Fagan

Jack Fagan is the former commercial-property editor of The Irish Times