Agent Colliers is guiding a price of €4.4 million for a prime Georgian office investment and modern mews building on Merrion Square in Dublin city centre.
Number 46 Merrion Square is occupied by three tenants currently and producing total rental income of €225,240 annually. The leases for the Association of Consulting Engineers of Ireland (ACEI), the Institute for Study Abroad and Two Ten Health who were acquired by Titanium Solutions Limited all have short unexpired terms. The ACEI and Two Ten Health leases expire in September 2024 while the Institute for Study Abroad lease expires in August 2023. While the two-storey modern mews to the rear of the main building is vacant at present, the selling agent says there is potential to secure annual rental income of up to €85,000 from the property. Number 46 also comes with the benefit of seven car parking spaces to the rear.
Number 46 Merrion Square extends to a net internal area of 5,667 sq ft and retains many of its original period features including its cornicing, sash windows and shutters, ornate fireplaces and ceiling roses.
The two-storey mews – 46 Stephen’s Place – extends to a net internal area of 2,286sq ft and is accessed via Stephen’s Place.
Colliers sold the adjoining number 47 Merrion Square in May of last year for €5.69 million reflecting a net initial yield of 4.98 per cent. Number 47 was fully let to NewsWhip Media Ltd under two leases running co-terminus, with about 3.7 years unexpired.
Number 46 is located on the east side of Merrion Square and in the heart of Dublin’s traditional central business district. St Stephen’s Green, Fitzwilliam Square and Grafton Street are all within walking distance while the immediate area is home to a number of big employers, including the ESB, which recently opened its new headquarters at Fitzwilliam 28 on Fitzwilliam Street.
Colin O’Shea, who is handling the sale on behalf of Colliers, says: “This is an excellent opportunity to acquire a prime Georgian building with mews and parking, in one of Dublin’s premier addresses. The potential to immediately let the vacant mews as well as extend the existing leases will be particularly attractive to investors.”