Prime Dublin city office price cut by 14% in bid for buyer

Guide for 12 and 13 Fitzwilliam Place, mews buildings and apartment reduced from €6.5m to €5.6m

Having failed to secure a buyer since they first came for sale at a guide price of €6.5 million in October 2021, numbers 12 and 13 Fitzwilliam Place and their mews buildings at numbers 12 and 13 Lad Lane are being offered to the market by agent Colliers at a new and reduced price of €5.6 million. The amount now being sought represents a 14 per cent discount on the original asking price.

Numbers 12 and 13 briefly comprise two adjoining four- and five-storey over-basement Georgian buildings extending to 440sq m (4,737sq ft) and 406sq m (4,371sq ft) respectively. The two properties retain numerous original features including cornicing, sash windows and shutters, ornate fireplaces and ceiling roses.

The two-storey mews buildings at numbers 12 and 13 Lad Lane extend to 71sq m (759sq ft) and 151sq m (1,623sq ft) respectively and come with 14 car parking spaces. The entire investment is generating annual rental income of €293,794.

Number 12 Fitzwilliam Place is occupied in its entirety by Reddy Charlton Solicitors under a 10-year lease from January 1st, 2021, at an annual rent of €168,000 annually. The tenant has the benefit of a break option at the expiry of the fifth year.

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Reddy Charlton also occupy the basement of number 13 Fitzwilliam Place under a separate lease that runs co-terminus with number 12. The annual rent for this portion of their office is €12,000 annually.

Number 13 Fitzwilliam Place is currently vacant and is laid out as office accommodation from hall floor to the second floor with a vacant three-bedroom apartment in need of refurbishment on the third floor. Once fully refurbished, the apartment could achieve rent in the region of €33,000 annually according to the selling agent. Enright Construction and Fuels for Ireland occupy the hall floor and part of the second floor on short-term letting agreements. The combined passing rent is €43,794 annually.

The two mews buildings at 12 and 13 Lad Lane are let to Irish property company Iput on two separate leases that expire in December 2023 at a total passing rent of €70,000 annually.

The investment is located on the western side of Fitzwilliam Place which connects Fitzwilliam Square and Lower Leeson Street. The buildings sit within the heart of Dublin’s traditional central business district and in proximity to LinkedIn’s new European headquarter campus at Wilton Park. St Stephen’s Green, Grafton Street, Merrion Square and Fitzwilliam Square are all within walking distance.

The area is well connected by public transport with numerous Dublin Bus routes serving the location. The Dart at Pearse Street and the Luas green line stop at Charlemont are both within walking distance.

Nigel Kingston of Colliers says: “The sale of two Georgian buildings together with the mews buildings and parking, in one of the city’s most sought-after addresses, presents buyers with a superb investment and development opportunity.”

Ronald Quinlan

Ronald Quinlan

Ronald Quinlan is Acting Property Editor of The Irish Times