A distinctive and uniquely designed building opposite the former Jurys Hotel at Pembroke Road in Ballsbridge, Dublin 4, is to be offered for sale as an investment at €5 million through Knight Frank. At that price it will show a net return of 6.60 per cent and will be of interest to owner-occupiers, investors and developers.

The unusual building designed by architect David Keane and built in the 1970s is characterised by a modular concrete frame over a glazed curtain wall elevation.

The block is known locally by a number of names including Texaco House having been occupied by the oil company for many years and used on occasions to display art from its famous children's art competitions.

Showroom

The property is currently used as a motor showroom and is rented by the Audi Centre Ltd on a 10-year lease from October 2009, at a passing rent of €150,000 a year. The rent equates to €203 per sq m (€18.95 per sq ft). There is a landlord's break option in 2016 and a further mutual break option in October 2017, providing either party gives six months' notice.

A purchaser will have the option of availing of short-term income with the ability to redevelop the site in due course, subject to planning.

The building extends to 1,715sq m (gross area for showrooms, net area for offices) over three floors and a basement store. There is a centrally located core with fully fitted toilets and a passenger lift with natural light at all levels.

‘Rare opportunity’

Dublin City Council granted planning permission last year for the demolition of the block and its replacement by a building extending to 3,623sq m (39,000sq ft). However, An Bord Pleanála subsequently overruled the decision even though the board had previously given permission for a new block on the site.

Jim Reilly of Knight Frank says the sale will provide a rare and unique opportunity to acquire a landmark property in the heart of Ballsbridge within easy access of all amenities including the nearby Dart at Lansdowne Road.