Prime Dublin city office sees price cut for second time in bid for buyer

Having failed to secure a buyer since being put up for sale at a guide price of €6.5 million in October 2021, or for a new and reduced price of €5.6 million in 2023, numbers 12 and 13 Fitzwilliam Place and their mews buildings at numbers 12 and 13 Lad Lane are being offered to the market for €4.4 million. The amount now being sought represents a 32 per cent discount on the original asking price.

Numbers 12 and 13 comprise two adjoining four- and five-storey over-basement Georgian buildings extending to 440sq m (4,737sq ft) and 406sq m (4,371sq ft) respectively. The two properties retain numerous original features including cornicing, sash windows and shutters, ornate fireplaces and ceiling roses.

The two-storey mews buildings at numbers 12 and 13 Lad Lane extend to 71sq m (759sq ft) and 151sq m (1,623sq ft) respectively and come with 14 car parking spaces. The entire investment is generating an annual rental income of €293,794.

Number 12 Fitzwilliam Place is occupied in its entirety by Reddy Charlton Solicitors under a 10-year lease from January 1st, 2021, at an annual rent of €168,000 annually. The tenant has the benefit of a break option at the expiry of the fifth year.

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Reddy Charlton also occupies the basement of number 13 Fitzwilliam Place under a separate lease that runs co-terminus with number 12. The annual rent for this portion of their office is €12,000 annually.

Number 13 Fitzwilliam Place is currently vacant and is laid out as office accommodation from the hall floor to the second floor with a vacant three-bedroom apartment in need of refurbishment on the third floor. Once fully refurbished, the apartment could achieve rent in the region of €33,000 annually according to the selling agent. Enright Construction occupies the hall floor on a short-term letting agreement. The passing rent is €37,794 annually.

Number 12 and 13 Lad Lane

Number 13 Lad Lane is currently let to Irish property company Iput under a short-term license at a passing rent of €30,000 annually. Number 12 is currently vacant.

The investment is located on the western side of Fitzwilliam Place which connects Fitzwilliam Square and Lower Leeson Street. The buildings are in close proximity to LinkedIn’s new European headquarter campus at Wilton Park, St Stephen’s Green, Grafton Street, Merrion Square and Fitzwilliam Square.

Nigel Kingston of Colliers says: “The sale of this block of Georgian Dublin presents buyers with a superb investment/development opportunity.”