Commercial properties trickle back to residential

Thu, Feb 21, 2013, 00:00

Georgian Dublin’s new lease of lifeA steady trickle is coming through to the residential homes market of Georgian period residences formerly used as city centre offices.

This comes as something of a relief for agents who in recent years have been trying in vain to let these relics of aul’ decency as commercial offices, when in many cases they stood vacant because of prohibitive rent and the associated unwieldy maintenance costs of such crumbling properties.

Now that asking prices have started falling to sub-€1million, one agent says it’s making life a lot easier as buyers are coming forward to snap these up and convert them for private residential use. This, combined with the recent tightening of legislation on pre-1963 rented accommodation, could drive a steady flow of prime city centre residences over the coming months. It’s good news too for the city as these beautiful squares and streets may enjoy a renaissance as residential neighbourhoods, the purpose for which they were intended.