Georgian office investment in Dublin 2 for €1.8m

A fine Georgian office investment overlooking the Grand Canal in Dublin 2 is guiding €1.8 million through Colliers International.

Number 21 Herbert Place extends to 256sq m (2,752sq ft) and includes about 186sq m (2,000sq ft) of office space. The office accommodation includes large interconnecting rooms, has recently been redecorated and retains original cornicing, fireplaces and ceiling roses.

A self-contained basement, which extends to 69sq m (744sq ft) and was previously in use as a two-bed apartment, needs full refurbishment. It could be converted to office use, subject to planning permission.

The property, with gardens front and rear, also includes a derelict mews which has a 34sq m (370sq ft) footprint. This is accessed via Herbert Lane and, subject to planning permission, could provide a residential unit or self-contained office space.

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Recovered strongly

Number 21 is between Lower Baggot Street and Mount Street Crescent in a part of the city that’s home to many big employers and smaller professional practices.

St Stephen's Green is within walking distance, as is the Dart and Luas, while the area is well served by Dublin Bus.

Period office investments have recovered strongly since the crash but are still about 50 per cent off their peak values. However, prime Georgian rents at €484 per square metre (€45 per square foot) are now in line with peak levels of 2007.

Prime Georgian assets are attracting interest from home and abroad but Asian and Middle-East investors, in particular, have taken a shine to the sector of late. The lot sizes are attractive to smaller, family funds than to the banks and international reits.