Two prestigious office buildings in Dublin’s Georgian core for €6.5m

Two adjoining Georgian buildings at 12 and 13 Fitzwilliam Place, in Dublin city centre’s most prestigious Georgian core, have come to market seeking €6.5 million.

Colliers has launched the sale of 12 and 13 Fitzwilliam Place, together with their original mews buildings, numbers 12 and 13 Lad Lane, and 15 car parking spaces, with a guide price of €6.5 million, which equates to a capital value of €565 per sq ft. The entire property portfolio comes to to 11,490sq ft in total, and is producing rental income of €286,294 a year, with “excellent rental growth potential” say the agents. The properties are also available separately.

The two buildings, originally fine Georgian townhouses, present in excellent condition and retain many original period features with attractive cornicing, sash windows, shutters, ornate fireplaces and ceiling roses throughout.

The two buildings inter-connect at lower ground floor level and extend to 4,737 sq ft and 4,371sq ft respectively. They offer potential as an excellent corporate HQ for a blue chip company.

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Number 12 Fitzwilliam Place is occupied in its entirety by law firm Reddy Charlton under a new 10-year lease from January 1st 2021, at an annual rent of €168,000, with tenant break option at the expiry of the fifth year. Reddy Charlton also occupies the basement of number 13 on a separate lease that run’s co-terminus with No. 12 at an annual rent of €12,000. No 12 Lad Lane is let to Iput on a short term letting that expires in September 2022 at an annual rent of €32,500 a year.

Number 13 Fitzwilliam Place part let / part vacant with excellent potential to significantly increase rental income. It is laid out as office accommodation from hall floor to the second floor with a spacious three-bedroom apartment on the third floor. Enright Construction and Fuels for Ireland occupy the hall floor and part of the second floor on short term letting agreements. The total combined passing rent is €43,794 a year. No 13 Lad Lane is let to Iput until December 2023 at an annual rent of €30,000.

The mews buildings at Lad Lane, which are not listed, are suitable for conversion into residential up to three stories, or indeed greater densities subject to planning permission, in line with recent developments on the street.

Colin O’Shea, who is handling the sale on behalf of Colliers, said the sale “represents an excellent opportunity to acquire a prime Georgian investment, with exceptional covenant strength, in one of the city’s most sought after addresses”.

The offering is immediately adjacent to LinkedIn’s new European headquarters at Wilton Plaza. The first block of the US-headquartered, tech giant’s Irish base is due to complete in December this year, with the wider development due to accommodate more than 4,000 extra LinkedIn staff.