On the instructions of Duff & Phelps Real Estate Advisory Group, Knight Frank has been appointed to offer Block D, Charlemont Exchange, Charlemont Street, Dublin 2 for sale with vacant possession and subject to an antenna licence.
In a market that is currently seeking office refurbishment and / or development opportunities, the sale of Block D Charlemont Exchange will no doubt be of interest to owner occupiers and the investment/development community.
The sale offers a rare opportunity to acquire a prime 2,047 sq.m. office HQ building with scope for immediate occupation or alternatively adding value by extending the building (subject to planning permission).
Completed in the late 1990’s Block D Charlemont Exchange is located off Charlemont Street, Dublin 2. The semi-detached office building forms part of a larger mixed use development to include the adjacent Office Block’s A, B & C, the Hilton Hotel, common plaza and common basement car park.
Block D, Charlemont Exchange extends to approximately 2,047 sq.m. net internal floor area (2,120 sq.m. IPMS 3). The office building extends five storeys in height offering floor plates of approx. 350 sq.m. to 430 sq.m., which will cater to strong market demand, where 59% of the 123 transactions in H1 2017 were under 464 sq. m. The building also provides for 22 secure basement car parking spaces which is a superb allocation given that current planning regulations only provide [or require] approx. 5 car spaces for a building of this size.
The building is presently vacant throughout but generating a licence fee income of €3,000 per annum for telecommunication equipment at roof level on a 5 year licence from 26th March 2013, which can be terminated subject to notice.
The feasibility study and planning assessment prepared for the sale highlights the strong possibility of adding an additional penthouse floor of approx. 364 sq.m. net internal area bringing the total floor area to 2,411 sq.m. net internal floor area (subject to planning permission).
The area is a very well established office destination favoured by a range of diverse national and international occupiers. The location also offers a wide variety of Dublin’s best amenities, such as restaurants, artisan coffee shops, bars, hotels, farmers markets, gyms and cultural venues. Public gardens such as The Iveagh Gardens, St. Stephen’s Green, Merrion Square are within close proximity. Dublin’s prime retail thoroughfare of Grafton Street and St. Stephen’s Green Shopping Centre are within a short walk. The building’s position in the CBD also offers excellent transport links such as Dublin Bus, Dublin Bikes, Charlemont Luas Terminal and Taxi facilities, which are all found immediately adjacent.
Paul Hanly of Knight Frank comments “With the strong demand for accommodation of this size and the much published positive impact that Brexit is likely to have on the Dublin office market, this building could be ideally placed to cater for new entrants quickly”.
Knight Frank is guiding a price in excess of €12.5 million VAT exclusive for the part freehold and part long leasehold title of the building. Further details are available on request from Declan O’Reilly / Paul Hanly or Evan Lonergan of Knight Frank +353 1 634 2466 or online at www.blockdcharlemont.com