Fully-let Georgian investment in Dublin 2 guiding at €995,000

1 Fitzwilliam Place offers prospective buyer attractive 9.54% net initial yield

1 Fitzwilliam Place is fully-let to three tenants and producing annual rental income of €103,000

1 Fitzwilliam Place is fully-let to three tenants and producing annual rental income of €103,000

 

Agent Knight Frank is guiding a price in excess of €995,000 for a fully-let Georgian investment at 1 Fitzwilliam Place, Dublin 2.

Located at the heart of the city’s central business district and within a short walk of Government Buildings, St Stephen’s Green and Grafton Street, the property is currently in office use and producing total annual rental income of €103,000. The purchaser can expect to secure a net initial yield of 9.54 per cent after standard purchaser’s costs of 8.46 per cent.

1 Fitzwilliam Place is a four- storey over lower garden-level property extending to 430.68sq m (4,636sq ft) in total. The property is fully let to three tenants. At garden level, 105.52sq m (1135.80sq ft) have been let to The Chartered Institute of Logistics and Transport on a nine-year, six-month lease from June 1st, 2014.

Occupied

Ground, first and third floors extending to 253.57sq m (2,729sq ft) are occupied by the ESB on a 10-year lease with a break on the expiry of the fifth year from June 1st, 2019.

The second floor is let to Guaranteed Irish on a 35-year lease that expires on the February 29th, 2020, at a passing rent of €16,730.30 per annum. The suite extends to 71.58sq m (770.48sq ft).

The property itself retains numerous of its original external and internal features including its traditional brick façade, sash windows and attractive Juliet balconies at first-floor level. The front entrance meanwhile has cut-stone granite steps and wrought-iron railings on moulded granite plinth walls along with a feature Georgian-style painted hardwood door, framed in Roman Doric columns on plinth blocks with a glazed fan light overhead.

At ground-floor level, the property offers a substantial, light-filled inter-connecting board/conference room with generous ceiling heights of over 3m (9.8ft) featuring ornate decorative cornicing and glass pendant lighting. The ground floor also provides toilet and kitchenette facilities to the rear.

Open-plan office

The lower garden level incorporates an open-plan office to the front of the building with storage directly off same. There are tea making and toilet facilities provided along with a meeting room/office to the rear of the property.

At first-floor level, the property has three substantial offices with a further meeting room located on the ground/first-floor return. The largest office is located to the rear of the property and comes with ceiling mouldings, a feature pendant light, ornate cornicing and a large floor-to-ceiling feature window. The two other offices are located to the front of the property and are interconnected.

The second floor has three generously-sized offices, a kitchenette and a half return to the rear, along with toilet facilities, while the third floor comprises three offices, storage, kitchen and toilet facilities.

In terms of its accessibility, the subject property is located within a nine-minute walk of Charlemont Luas stop and between a 15 to 20-minute walk of Pearse Street Dart station and Grand Canal Dock station. Nearby Leeson Street, Baggot Street and Earlsfort Terrace are all served by numerous Dublin Bus routes.