Office block in prime Dublin location offers potential for extra floor

A vacant office block with potential in a prime Dublin 2 location is on the market at more than €12.5 million through agent Knight Frank.

Block D at Charlemont Exchange on Charlemont Street is being sold on the instructions of Duff & Phelps Real Estate Advisory Group. It forms part of a larger mixed-use complex that includes the Hilton Hotel on the banks of the Grand Canal that was completed in the late 1990s. The hotel was bought by US businessman John Malone in 2014 for about €30 million.

The semidetached building for sale extends to 2,047sq m (22,034sq ft) over five storeys with floor plates from 350-430sq m (3,767-4,628sq ft). These sizes would appear to suit a market where 59 per cent of lettings in the first half of 2017 were for spaces under 464sq m (4,994sq ft).

There are also 22 secure basement car-parking spaces and, while vacant, the building is generating an annual rent roll of €3,000 from rooftop telecommunications equipment on a five-year licence from March 2013..

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The agent points to a “feasibility study and planning assessment prepared for the sale” which suggests adding a penthouse floor of 364 sq m (3,918sq ft) subject to securing planning permission.

This location is within walking distance of St Stephen's Green and Grafton Street, is close to the Luas and bus routes, and is very much part of the central business district.