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.

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.