Embassy building with rental income is ripe for a revamp

The three-storey over basement terraced house is subject to a 15-year lease, which is due its five yearly rent review. The current rent of €96,000 has been reduced to €78,000

 

The building housing the Embassy of Ukraine in Ballsbridge is for sale. The three-storey over basement terraced house, at 16 Elgin Road, has served as that country’s diplomatic headquarters in Ireland since 2004 and the lease runs until 2019.

Savills, the agents handling the sale, have put a price of €2 million on the 463.9sq m (4,993sq ft) period house.

This presents a scenario whereby an expat could buy with the intention of refurbishing and moving in when the lease is up or at a later date, according to Savills.

Or it could simply continue in office use after the current lease is up as a well-located commercial investment property in Dublin’s embassy belt.

The 15-year lease is due its five yearly rent review – the current rent of €96,000 has been reduced to €78,000.

Until 2004, the house was used as a family home. It is a protected structure and, at that time, planning permission was granted for office use.

The agents suggest that the office building could be transformed back into family use with “a little imagination” although in reality given the size of the house a large budget is what is required.

While the main rooms still have their original proportions and features, the internal layout is changed to suit the current office use. There is a one- bedroom apartment at the top of the house and down in the basement the front room serves as a public office reception area. The small, functional kitchen is up at hall level.

Anyone who viewed next door, number 18 Elgin Road, will have seen how these houses, large as they are, can be turned – with a sizeable renovation budget – into stunning contemporary family homes. It is end of terrace and so is larger than number 16 to begin with, and as well as modernising from top to bottom, its previous owner extended the basement area. It was one of the biggest sales so far this year in Dublin selling at auction in February for €4.8 million – the AMV was €3.75 million. And it has a decent sized garden, while the embassy garden is very small relative to the size of the house – a minus for most families.

There is parking out front for several cars.

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