What is possibly the first mixed-use development to be completed in Dublin city centre since the property crash is about to be offered for sale in two tranches.
A restaurant, cafe and an office development at Percy Place in Dublin 4 which have been pre-let are going on the market today while the second phase of 12 high quality apartments will be available from next month. Dessie Kilkenny of Savills is inviting offers in excess of €8.25 million for the two commercial elements which will yield a rent roll of €450,000 and show a net return of 5.25 per cent.
The scaffolding is to come down shortly on what promises to be a hugely attractive infill development at the former coal yard which overlooks Percy Place and Haddington Road – just off Baggot Street – and backs on to the Grand Canal.
The one-quarter acre site was sold during the boom for €13 million and slipped in value to €2.5 million after the crash. The lucky buyers were the UK’s Development Securities and Oakmount, a company controlled by leading property developer Paddy McKillen. The two companies were happy to proceed with the mixed-use planning permission obtained by the previous owner and lost no time in embarking on the four-storey development with 16 car parking spaces at basement level. The 12 apartments – 10 two-beds, one one-bed and one three-bed – will overlook the canal at the rear and be much sought-after because of their high quality fit out and superb location.
The three-floors of offices with floor-to-ceiling glazing to the front of the development extend to 426 sq m (4,595 sq ft) and have been let at €538 per sq m (€50 per sq ft) – the new benchmark for newly completed office developments..
The ground floor restaurant with 328 sq m (3,540 sq) and adjoining cafe with a floor area of 82 sq m (882 sq ft) looking directly across the canal have been let to Paddy McKillen’s highly successful restaurant and cafe business at an initial rent of €200,000 per annum.
The mix of restaurants, entertainment, bar and hotel businesses operated by the McKillen company includes Wagamama in South King Street, Captain America on Grafton Street and at the Blanchardstown Town Centre, Cleaver East and the Workman’s Club at the Clarence Hotel in Temple Bar, Everleigh Gardens at The Dean Hotel on Harcourt Street and Mary’s Bar on Wicklow Street.
Dessie Kilkenny says 55 Percy Place will be one of the first of a new generation of commercial developments completed and offered for sale in the latest cycle of the property market.
Matthew Weiner, chief executive officer of Development Securities, said the brand new commercial and residential development would lead to the revitalisation of a vacant site in a prominent part of the city.
The sale would mark the successful completion of his company’s first development project in Dublin.
