Offices make 61% over guide

An impressive Georgian office building, once the studio of renowned stain glass artist Harry Clarke, at 6-7 North Frederick Street, Dublin 1, has been sold for an exceptionally strong price of €2.1 million – €800,000 or 61.5 per cent more than the original guide price.

Ross Fogarty of Knight Frank handled the sale of the period building off Parnell Square which is let to the Children's University Hospital, operator of the nearby Temple Street Hospital.

The 683sq m (7,352sq ft) house is let on a 25-year lease from 2012 at an initial rent of €190,000 per annum. There is a break clause in the lease in 2019.

The €2.1 million selling price will show net initial yield of 8.66 per cent once acquisition costs are taken into account. The capital value works out at €3,067 per sq m (€285 per sq ft).