Two adjoining Georgian offices on the east side of Merrion Square in Dublin 2 and their associated mews buildings at Stephen's Place are on the market through Colliers International for €12 million.
The properties – with a total floor area of 1,549sq m (16,673sq ft) – are producing a combined rent roll of €485,787 per annum but this will increase if a vacant mews is let and could increase still further with rent reviews due later this year.
No. 46 extends to 545sq m (5,866sq ft) in a four-storey over basement configuration and boasts generously-proportioned rooms, spacious common areas and a striking entrance hallway.
It retains many original period features like cornicing, sash windows and shutters, ornate fireplaces and ceiling roses throughout.
No. 46 is occupied by three tenants – the Association of Consulting Engineers of Ireland, Two Ten Health and the Institute for Study Abroad – for a combined annual rent of €174,357, which the agent claims is "heavily under-rented".
Its two-storey modern mews building at 46 Stephen’s Place extends to 212sq m (2,286sq ft) and, although ready for occupation, is vacant. The agent suggests it could rent for about €85,000 per annum. Colliers is guiding €5.75 million for these two properties.
Period features
No. 47 extends to 588sq m (6,330sq ft) and, like its neighbour, is in excellent condition and boasts many period features. Its mews at 47 Stephen’s Place extends to 203.5sq m (2,191sq ft).
Both are occupied by NewsWhip Media Ltd under two leases running coterminously (they expire at the same time) that started in February 2016 for 10-year terms with a tenant break option at year five (2021). No. 47 is let at €229,850 per annum and its mews at €81,580. The two properties are guiding €6.25 million.
Car parking is available to the rear of both Georgian houses which, interestingly, are considerably larger than the typical Georgian buildings of their era, which generally come in at about 390sq m (4,200sq ft).
Michele McGarry, director of investment at Colliers, says prime Georgian rents at €484 per square metre (€45 per square foot) are now in line with peak levels of 2007, but capital values are “less than half of the prices achieved” at the height of the boom.
The Football Association of Ireland memorably secured close to €9 million for its 418sq m (4,500sq ft) headquarters at 80 Merrion Square in July 2007 – equating to a whopping €17,760 per sq m (€1,650 per sq ft) for this type of property.
