Dublin 2 Georgian office and mews guiding at €2.3m

A prime office building with rear mews and parking is being brought to the market on Dublin’s Lower Baggot Street with vacant possession for €2.3 million.

The property, at 94 Lower Baggot Street, comprises a four-storey over-basement level, terraced Georgian building in full office use of about 272sq m (2,928sq ft), and a three-storey mews built in 2003 of about 96sq m (1,033sq ft) fronting on to Hagan’s Court at the rear. The mews was originally in residential use and could be converted back, subject to planning permission.

The rear yard also includes up to eight car parking spaces. The property retains some period features and provides office accommodation over five floors.

The building has been the headquarters of Wyse Property Management for almost 25 years, while the more recently added mews has been in use by the company for about 15 years. Both assets are now being sold as part of a company restructure which will see the business continue under a new ownership structure comprising current senior staff. Peter Wyse has left to form a new partnership with Liam Quain, trading under the Peter Wyse name.

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Both buildings are being sold with the benefit of vacant possession as the buildings will be vacated in September. It is understood that Wyse Property Management has not yet found a new location for its headquarters.

Agent Knight Frank is guiding €2.3 million for the entire property, which can be purchased in one or more lots. It is understood that VAT is not applicable to the sale, which may make it more attractive to an individual investor.

The property is presented in good decorative order with some original features and there is gas central heating in the Georgian building and electric storage heating in the mews. Meeting rooms are located on the ground floor, with office accommodation on the floors above ,and the large basement below comprises two offices with separate access to Lower Baggot Street. There is additional storage in an outside prefab.

The immediate area surrounding the property comprises mainly of offices with some residential, restaurant and cafe uses. Prominent occupiers in the immediate area include the Department of Health, Shire Pharmaceuticals and LinkedIn.