Price cut of over 50% for Dublin city centre commercial premises
A prominent commercial building at the junction of Andrew Street and Trinity Street in Dublin 2, bought by a private investor just before the property crash in 2008 for around €8 million, is back on the market at €3.4 million.
The four-storey over basement block is currently used as an information office and exhibition centre by the Department of the Environment and though its 15 year lease is not due to run out until May, 2015, it is widely reported that the Office of Public Works would be willing to pay a penalty in return for a surrender of the lease. The passing rent is €340,000 per annum
Nigel Kingston of Douglas Newman Good Commercial, who is handling the sale, said the building would inevitably end up being used as a shop, restaurant or other business centre because of its superb internal layout and high profile location close to Wicklow Street and Grafton Street. It also benefitted from its location along the main pedestrian route linking the principal shopping districts of Henry Street and Grafton Street.
The building extends to over 1,000 sq m (10,763sq ft) with a ground floor area of more than 229sq m (2,464sq ft) currently used as a showrooms. Planning permission was granted in 2010 to change the use of the ground floor from office and exhibition space to shop and exhibition space.
There is a six person lift servicing all the floors.
The Andrew Street locations is shortly to get a major boost when the fashion giant H&M opens a large store a short distance away in the former National Irish Bank next to the Post Office. Another key trader Abercrombie & Fitch operates a large store in the same area.