Building off College Green sells for €155,000 above guide

A private investor has paid almost €850,000 – about €155,000 over the guide – for a distinctive commercial building off College Green at 3 Trinity Street in Dublin 2, which had been owned by the same family since it was built in 1896.

The new owner is expected to carry out some refurbishment before offering it to let through agents JLL at around €60,000 per annum. If that rent is achieved the investor can bank on a return of 6.75 per cent after standard purchasers costs are taken into account.

The three-storey, over-basement redbrick building has an overall floor area of 200sq m (2,154sq ft) and is likely to be used as a hair salon, barbers, nail bar or offices for a professional firm.

Daniel McCarty of JLL, who handled the sale, said that because of the huge level of interest in the building from owner-occupiers and investors, open viewings were held in the first weeks of the marketing campaign. Investors were the dominant group in the final round of bidding.

The building retains many of its original features, including a vault in the basement, a mahogany staircase and a number of period fireplaces.