The combination of a prime location within Dublin’s core central business district and an attractive gross initial yield of 6.28 per cent is expected to see interest from a number of investors in the sale of two adjoining Georgian properties on Leeson Street Lower.
Currently in use as student accommodation, the properties are fully let and delivering annual rental income of €345,600, Nos 48 and 49 are being offered to the market by agent Knight Frank at an overall guide price of €5.5 million.
The subject properties comprise two neighbouring four-storey over garden -level Georgian buildings extending to a combined floor area of 1,139sq m (12,260sq ft) and are mirrored in configuration and layout.
No 48 is arranged to accommodate 18 beds across 11 bedrooms, while No 49 is arranged to accommodate 17 beds across nine bedrooms. Each building has been fitted with a modern kitchen at basement level and modern WCs throughout.
While the property has been substantially refurbished in recent years, it retains many of its original features including decorative ceilings and cornices. Refurbishment works included new kitchens, boilers, water tanks, WCs, plumbing works, the installation of gas-fired central heating and the specialist restoration of sash windows and frames.
Both properties are of traditional Georgian construction and presented in excellent condition. The buildings comprise of a granite façade to the basement and first floor and a traditional brick façade to the remaining elevations and are situated beneath a double pitched slate roof behind a low parapet wall. Both properties are accessed independently via 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.
The property has 11 secure under-croft car-parking spaces which are accessed off Leeson Lane. In terms of public transport, the building is well served by the numerous Dublin Bus routes that operate along Leeson Street, while the Luas green line stop at St Stephen’s Green and Pearse Street Dart station are within 15- and 20-minute walks respectively.
The immediate area surrounding the property offers a wide range of amenities, including cafes, bars, restaurants and hotels, while Grafton Street and St Stephen’s Green are within easy walking distance.
Ross Fogarty, who is handling the sale on behalf of Knight Frank, says: “This is a superbly-presented period building that affords an investor unrivalled flexibility. These buildings can easily be interlinked and are suited to a wide variety of uses such as single-occupancy residential, boutique hotel/guesthouse, student accommodation, co-living, and office (subject to planning permission).”