Portfolio of four Georgian buildings acquired by private investor for €8m

A wealthy private investor has paid just under €8 million to acquire a portfolio of four interconnecting Georgian properties on Lower Baggot Street in Dublin city centre.

Numbers 19 to 22 were brought to the market in a single lot by Cushman & Wakefield last October at a guide price of €8.5 million.

The buildings were last offered for sale in June 2015 in one or three lots at an overall valuation of €4.7 million. The portfolio was acquired in early 2016 by Irish investment advisory firm Alway Consulting Ltd on behalf of Ballybunion Capital for €4.5m.

The subject properties comprise a total of 1,182sq m (12,723sq ft) with four basement car parking spaces. All four buildings have been restored to a high standard, and retain the majority of their original features from the 1820s including detailed Georgian coving, doors, stained glass windows, and fireplaces.

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Numbers 20 and 21 are interconnected at all levels while numbers 19 and 22 are connected at basement level. No 22 can also be used as a self-contained unit.

The buyer's property portfolio already includes four buildings on O'Connell Street

The buildings had been in use as offices and prior to that as a hotel before being offered for sale.

It is understood the new owners intend to put the properties for use as serviced office space to be operated by the Prem Group. The buyer's property portfolio already includes four buildings on O'Connell Street, and the upper floors of these are rented out as offices through the Prem Group's serviced offices division.

Located at the heart of Dublin’s Georgian core, numbers 19-22 Lower Baggot Street are well-placed in terms of catering for the demand for office space within the city’s political beltway and wider central business district.

The buildings sit at the junction adjacent to Pembroke Street and within a short walk of Fitzwilliam Square, Merrion Square and St Stephen’s Green.

In terms of their accessibility by public transport, the properties are located within close proximity to the Luas green line stops at St Stephen’s Green and Dawson Street.

David Bennett of Cushman & Wakefield advised the vendors while Robert Colleran of Robert Colleran Property Consultants acted for the purchasers.