Redevelopment Site: A Dublin developer has emerged as the "preferred bidder" for the Irish Lights building at 16 Lower Pembroke Street, Dublin 2. The developer, who apparently offered over €26 million for the property, was advised by Nicholas Corson of agent Finnegan Menton.
The four-storey over basement building - the only one not listed for preservation on the street - is likely to be demolished to make way for either an office scheme or a mixed-use office and residential development. Either option would be extremely attractive in the heart of Georgian Dublin.
DTZ Sherry FitzGerald handled the sale for Irish Lights, which is relocating to Dún Laoghaire.
The present building has a floor area of 2,000sq m (21,528sq ft) and 36 car-parking spaces on the site which extends to 0.13 hectares (0.31 of an acre). The plot ratio of just 1.6:1 would be considered low and, because the building is not identified as a "protected structure", DTZ said it may be demolished and replaced with a modern, high density block.
The availability of two access points, one on Pembroke Street and the other on Windsor Place, would allow added flexibility for possibly a mixed-use development.
The building is zoned for both commercial and residential use and, following the recent resurgence in demand for prime office space in Dublin, DTZ said it would expect newly completed office rents in this prestigious area to reach around €645 per sq m (€60 per sq ft).
