Agents Knight Frank are quoting a price of €1.55m for No. 37 Upper Fitzwilliam Street, a four-storey over basement Georgian period building located in the heart of Dublin's core office area.
Situated on the east side of Upper Fitzwilliam Street, close to Fitzwilliam Square and Baggot Street, the property, which extends to 361 sq m (3,886 sq ft), is let under two short-term temporary convenience leases to Campbell Sharp Associates. The ground floor is let for a period of four years from September 30, 2013 at a current rent of €12,752 per annum. The upper floors are let for five years from December 1, 2013 at a rent of €40,000 per annum. The basement level is available with vacant possession.
No. 37's current income of €52,752 per annum reflects a low average rental base of only €13.50 per sq ft. Based on recent lettings, the market rent for the space should, according to the agents, be over €115,000 per annum.
With the potential for either owner occupation or re-leasing at considerably higher rents in 2018, the property should appeal to both occupiers and investors.
The price reflects an attractive rate of less than €400 per sq ft.