€3.85m for prime D2 office and retail investment
Agent Quinn Agnew is seeking offers in excess of €3.85m for a portfolio comprising Nos 146A-149 Baggot Street Lower and No 1 Ely Place in Dublin city centre.
Located at the heart of the capital’s political beltway, at the intersection of Baggot Street, Merrion Row, Ely Place and Merrion Street Upper, the subject lot consists of four self-contained commercial buildings extending to 424 sq m (4,564 sq ft), three of which are occupied respectively by Munchies, JAD Beauty, and Chopped. The three tenants deliver a combined rental income of €121,000 per annum, and are not affected by the sale.
No 149 Baggot Street Lower and 1 Ely Place , which consists of a four-storey, over-basement period office building extends to 284 sq m (3,057 sq ft), and is being offered for sale with full vacant possession. The property would be suitable for a variety of uses, according to the agent.
The property is not a protected structure, and offers immediate revisionary uplift subject to the refurbishment or development of the vacant building and procurement of occupier(s).
Quinn Agnew propose an estimated rental value (ERV) of €140,000 for the vacant sections.
Manus Agnew says: “This trophy asset affords immediate reversionary uplift once the vacant building is occupied. It will be well received by both private and institutional investors while also appealing to potential owner occupiers and developers.”
Completed tenders are invited for the subject property on November 8 next.
The property is located at the heart of Dublin’s political beltway