€3.85m for prime D2 of­fice and re­tail in­vest­ment

Irish Independent - Business Week - - COMMERCIAL PROPERTY - Ronald Quin­lan

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

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