£2m for Georgian investment offices in Fitzwilliam Square

Another Georgian office investment has come on the market in Dublin

Another Georgian office investment has come on the market in Dublin. Number 8 Fitzwilliam Square, a four-storey over basement building is expected to make about £2 million when it is sold by auction on May 31st through Allen & Townsend. The 4,650 sq ft house is let to solicitors Mason Hayes & Curran (which also occupies two adjoining buildings) on a 23-year lease from 1994 at a rent of £61,000 per annum. The firm can avail of a break clause in the 12th and 13th years of the lease. The next rent review is due in April, 2002. There are nine car-parking spaces at the rear but, according to the agents, an investor would gain possession of a valuable mews site at the rear without affecting the parking facilities if the tenant avails of the break option. The house is held in a single asset investment company and will be sold by way of the transfer of shares, thus saving 5 per cent in stamp duty.