Lower Pembroke Street Georgian at €1.5m offers 6.29% net initial yield

Agent Colliers is guiding a price of €1.5 million for 14 Lower Pembroke Street in Dublin. Located at the heart of the city’s Georgian core and just 30m from Fitzwilliam Square, the subject property comprises a large four-storey-over-basement building. While in need of refurbishment in some areas, the property is generously proportioned, retains numerous of its original period features and has an enclosed courtyard to the rear with pedestrian access to Mackies Place.

Number 14 is laid out in a mix of uses with a gym, offices and seven residential units. Pat Henry Fitness occupies the basement at a rent of €16,240 per annum and has independent access from Lower Pembroke Street. DLD Accountants and Compass Insurance make up the remainder of the commercial tenants, paying a combined €20,200 per annum. The total passing rent from the commercial tenants is €36,440 per annum. The seven residential units are located on the upper floors, and are producing €67,314 per annum. The units would benefit from refurbishment works and there may be an opportunity for the purchaser to increase the level of rental income once this accommodation is refurbished to a good standard.

The guide price of €1.5 million equates to a net initial yield of 6.29 per cent and an attractive capital value of €319 per square foot, which is far below the level of €700 per square foot being achieved for prime Georgian opportunities on Fitzwilliam Square and Merrion Square.

Colliers recently sold 47 Merrion Square for €5.7 million, reflecting a capital value of €670 per square foot and are currently marketing 12 and 13 Fitzwilliam Place at a guide price of €6.5 million.

Will AI take over art? ‘No amount of sentimentality is going to stop it from happening’

---

Rory McIlroy leads chasing pack as Bryson DeChambeau goes three clear at US Open

---

‘It’s like Dungeons and Dragons, only you dress up and beat each other with foam swords’

---

Despite the concentration risk, Ireland’s corporation tax windfall could grow to €30bn

---

Lower Pembroke Street and its immediate environs are well served by a range of amenities. These include a host of high-end restaurants including House, Suesey Street, Matt the Thresher, FX Buckley and Dax, together with the five-star Merrion and Conrad hotels. St Stephen’s Green, Grafton Street, the National Concert Hall and the Iveagh Gardens are all within a short stroll. Public transport facilities including numerous bus routes, the Dart at Pearse Street and the Luas green line at Charlemont Street, St Stephen’s Green and Harcourt Street are all within a short walk of the subject property.

Colin O’Shea of Colliers capital markets division says: “This is an excellent opportunity to acquire a mixed-use investment opportunity with excellent asset-management opportunities located within prime Georgian Dublin.”