Merrion Square Georgian for €4m

The tallest and most spacious of a row of Georgian houses on Dublin’s Merrion Square – number 25 with the red door – goes on the market today at a guide price of €4 million.

The mid-terrace property has a floor area of 691sq m (7,441 sq ft) as well as a modern mews building of 128 sq m (1,373 sq ft) and 17 car parking spaces opening on to Denzille Lane.

As well as an additional top floor, number 25 retains its impressive ornate coving, cornices, ceiling roses and feature fireplaces in the principal rooms.

There is also an impressive ground floor entrance hall and single staircase.

Tenants

The building is multi-let to six tenants who are paying an overall rent of around €180,500. It is let on a mix of short- and long-term leases, all significantly below market rents. Tenants include DLS Partners and DLS Capital Management,

Astec Global Consultancy

,

Pario Spv Management

, the

Reputation Agency

and Techskills Resources.

The two-storey modern mews building is currently vacant and with its open-plan layout was most recently used as offices. New owners should have no difficulty in letting it or, alternatively, may choose to convert it into residential use.

With lease expiry and rent review dates approaching in the short- to medium-term in the Georgian building, there will be an opportunity for investors to increase their rent roll to market value of around €287,000 per annum, equating to a return of 6.86 per cent.

The €4 million guide price for the property with a total of 819sq m (8,814sq ft) and 167 car parking spaces equates to €454 per sq ft including parking spaces, according to Damien McCaffrey of Knight Frank.