Three D2 Georgians for €1.65m

Three interlinking Georgian houses in office and residential use at 17/18/19 Fitzwilliam Place, Dublin 2, are expected to be of interest to a range of investors and occupiers when they are offered for sale this week through Savills.

Jacqueline Fitzpatrick of the agency is quoting €1,650,000 for the investment, which will show an initial yield of 8 per cent. The buildings are currently producing combined rents of €139,500 for Apollo Global Management.

Georgian interest
The sale comes at a time when an increasing number of people are buying Georgian office buildings at heavily discounted prices in Dublin 2 and 4 with the intention of turning them back into use as family homes.

The three houses being handled by Savills are located just 30 metres from Fitzwilliam Square and 150 metres from Baggot Street.

They appear to be in good condition with office use at basement, ground and first floor levels and six apartments in the two top floors.

The ground floor and basement of number 17 are rented by a dental surgery on a 10-year lease from 2011 with a break option at the end of 2015.

The basement of numbers 18 and 19 are let to a different commercial tenant on a 12-year lease from April, 2011.

Jobsource Recruitment rents the ground floor of number 19 on a three-year lease from this month, while CSI Chartered Accountants occupy the first floor levels of the three buildings, which are interlinked. The rent roll from the commercial tenants amounts to €84,900.

Apartment income
There is a further income of €54,600 from five of the six flats on the two top floors. A sixth unit has been kept vacant to facilitate viewings of the property. Three of the apartments are one-bedroom units, two have two bedrooms each while the sixth has three bedrooms.

The overall floor area extends to 870sq m (9,364sq ft), and based on the price sought works out at €1,894 per sq m (€176 per sq ft).

Jacqueline Fitzpatrick described the sale as a “rare opportunity to buy a substantial Georgian portfolio at a knockdown price”.