The former IAWS headquarters and an adjoining development site beside the Digital Hub and
Guinness Storehouse on Thomas Street, Dublin 8, is expected to be of interest mainly to Irish investors and developers when it is offered for sale this week at €3.5 million.
Enda Moore of Hooke & MacDonald estimates the current rent roll of €182,000 could be increased to more than €300,000 once a tenant is found for available space in the landmark building.
It has an overall floor area of 6,479sq m (69,74sq ft) and is owned by One51, the plc specialising in plastics and environmental services, which occupies part of the accommodation.
Most of the space on the first, second and third floors is let to the IAWS group under a long-term licence agreement at €182,000 per annum. IAWS is a wholly owned subsidiary of the Swiss-based Aryzta AG, a global food trader with annual revenues of over €4 billion.
The selling agents estimate that when 1,114sq m (12,000sq ft) of vacant space mainly on the ground floor is let even at a nominal rent of under €10 per square foot, the overall return should exceed €300,000.
There is also scope to generate further short-term income from the existing surface car park, which extends to 0.2 of a hectare (0.48 of an acre) and can accommodate a
bout 90 vehicles. The site also includes a 15,865sq m warehouse which the selling agents say could be upgraded and used as office accommodation.
The surface car park has obvious development potential for a range of projects including, office, hotel/hostel, student accommodation and apartments. A feasibility study by Keoghan Architects estimated the car park could accommodate 35 to 40 apartments and townhouses as well as commercial facilities.
The office block is strategically located beside the Digital Hub Campus, where 72 technology and digital media companies employ more than 900 people. The campus is currently fully occupied. The property is also beside
St James’s Gate brewery and the Guinness Storehouse, which attracts about 1.2 million visitors a year.
The distinctive building has been home to the Irish Agricultural Wholesale Society since it was established in 1897 to engage in the international commodity markets on behalf of its co-op members.
The building was re-modelled in recent years and now has a mainly modern specification including lift, suspended ceilings, localised air conditioning and gas-fired central heating. There is a fine reception area, a range of meeting rooms, and a boardroom finished to corporate headquarters standard. There is an apartment on the top floor. Neither of the two buildings are protected structures.