D2 Georgians and site fall 85% in value to €2.35m
EIGHT LISTED Georgian houses with planning permission to convert them into 29 apartments along with offices and a restaurant at Camden Street Upper and Lower in Dublin 2 goes on the market today with an asking price of €2.35 million.
The portfolio, which is opposite The Bleeding Horse bar and the Camden Court Hotel and which also includes a house at the rear on Grantham Place, was last offered for sale in May, 2008, by the same agent, CBRE, for €15.5 million.
The overall site was assembled by three different property owners.
The eight three-storey over basement houses have a gross internal area of 2,595sq m (27,937sq ft) as well as rear yards which bring the overall site up to 0.32 of a hectare (0.79 of an acre). The house at 11a Grantham Place adds a further 0.06 of a hectare (0.16 of an acre) to the overall site.
Apart from the planning for 29 apartments, there is also permission for 4,645sq m (50,000sq ft) of commercial space, including offices and a restaurant.
Wesley Rothwell of CBRE says he expected the property would appeal to developers and investors who could provide student accommodation or residential units and a refurbished hostel.
The property is currently) of commercial space. The houses are currently generating short term rental income of €108,000 per annum.
If an overall purchaser does not emerge, the property will then be offered for sale in various lots.