Georgian offices sell for £1 million

CHURCH and General Insurance has secured £1 million from the sale of two adjoining Georgian office buildings at 49 and 50 Fitzwilliam…

CHURCH and General Insurance has secured £1 million from the sale of two adjoining Georgian office buildings at 49 and 50 Fitzwilliam Square, Dublin 2. The strong market for Georgian houses has also allowed several other investors to withdraw from this sector in recent months. A private investor paid £440,000 at a Lisney auction for 50 Fitzwilliam Square, which is let to the publishers of Business & Finance magazine at a rent of £33,000 per annum. The house has 3,771 square feet of space and there is a small mews at the rear, as well as six car-parking spaces. Number 49 was later auctioned by Lisney and knocked down at £560,000 to a "potential occupier and investor". This house is rented by advertising agency O'Keeffe on a 35-year lease from 1981. O'Keeffe recently merged with QMP. The current rent is £37,000 per annum but Church and General had sought a revised rent of £52,000 under a five-year review.