With location ever more important in the current weak market, Lisney is expecting strong interest in a substantial block of Georgian Dublin that goes on the market today at the busy junction of Merrion Street and Lower Baggot Street.
Numbers 18, 19 and 20 Merrion Street are across the street from Government Buildings and are expected to sell for €11 million.
The three interconnected buildings adjoin the Merrion Hotel and the highly acclaimed Patrick Guilbaud restaurant.
Number 18 has a return frontage on to Lower Baggot Street and adjoins the AIB bank branch which was sold to an investor last year as part of a larger portfolio sale and leaseback.
The Merrion Street property is producing rental income of €162,600 from two ground floor retail units let to the Irish Nationwide and Rhubarb Cafe and also from The Pearl Brasserie in the basement. More than 868sq m (9,343sq ft) of office space at street level and on upper floors are vacant and in need of refurbishment. Conveniently, there are five car-parking spaces in nearby Ely Place.
Whoever buys the block may well consider converting the buildings into serviced offices given the superb location in the city centre. Equally they might also opt for an apartment scheme in line with the one a few doors away opposite Government Buildings. Residential units in this location could be expected to fetch top prices.
It will also be no surprise if the block is bought by the owners of the Merrion Hotel to give them more space and a higher profile on the street.
The block going for sale by private treaty has a total floor area of 1,131sq m (12,174sq ft) including a modern extension at the rear and a six-person passenger lift.
