Scheme of 23 flats for redevelopment on Pembroke Street in Dublin 2 for €8m

Savills is quoting over €8 million for a redevelopment opportunity on Pembroke Street in Dublin city centre.

Alexander Court, an unlisted scheme of 23 apartments at 25 Upper Pembroke Street in Dublin 2, sits on a site of 0.15 acres with 15m of road frontage. It has planning permission to be redeveloped as an aparthotel or serviced apartments.

The mid-terrace five-storey over basement scheme is in use as student accommodation but, given its location a stone’s throw from the Georgian setpiece of Fitzwilliam Square and busy bars/restaurants of Baggot Street, the property is likely to be put to more high-value uses.

Alexander Court, originally developed by Irish Life, has 15 three-bedroom and eight two-bedroom units, and has 1,937sq m (20,850sq ft) of space.

There is a rear yard with three garages that back onto Stable Lane where rear access is available. These garages are currently used for storage.

Dublin City Council last year granted planning permission for a change of use of Alexander Court to serviced apartments or an aparthotel scheme.

This allows for an extension of the building to 2,163sq m (23,280sq ft) with the permitted scheme comprising 46 units (studio aparthotel sizes 25-30sq m, one-bed aparthotel sizes of 30-38sq m and family room sizes 61-70sq m).

Savills suggests other high-value uses, subject to planning permission, could be considered for the infill site. This could include offices or a residential scheme. These uses are permitted in principle under the property’s ‘Objective Z8’ zoning objective.

The area is within walking distance of Dublin city centre, the Dart, Luas and numerous bus routes.

The central location means there is a wide selection of retail, leisure and educational facilities close at hand.

Alexander Court came on the market in November 2014 quoting more than €6.5 million. The fully occupied accommodation was producing a rent roll of more than €700,000 from the 100 bed spaces in the 23 apartments.