Building at intersection of Dawson Street and Stephen’s Green for sale

A mixed-use period building at the intersection of Dawson Street and St Stephen's Green in Dublin goes on sale from today at a guide price of €6 million.

Marguerite Boyle of Savills is handling the sale of the five-storey over-basement block, which includes three shops at street level and four spacious apartments on the upper floors. The investment, to be sold on behalf of private investor SW3, will show a return of 5.15 per cent.

The same syndicate bought the block towards the end of 2003 for almost €3 million and spent a considerable sum upgrading it and converting two floors of offices into apartments. The range of improvements allowed the new owners to increase the overall rent roll by almost a third.

The three current retail tenants, Tang, Sunglasses.ie and Amuse, share an overall floor area of 214sq m (2,310sq ft), including space at basement level. The businesses contribute €155,000 towards the rental income. Two of the three retail premises have alternative planning approval for use as a cafe or restaurant, so there is scope to change the businesses at any time.

Brian O’Donnell set to exit bankruptcy later this month

---

Prime business district in Dublin has vacancy rate near 20%

---

Falling shopper footfall a worrying trend for North’s retailers

---

The four upgraded apartments spanning each of the upper floors are targeted at the corporate sector and produce a rental income of €168,000. There is a lift serving all floors and a landscaped roof garden offering superb views over the city centre. Each apartment is let to a single occupier on recently agreed five-year leases, an arrangement that requires minimal management intervention.

The Dawson/Molesworth Street area is undergoing major changes at the moment, with three new office developments due to deliver more than 18,580sq m (200,000sq ft) of office space over the next two years.