Sold - 26 Fitzwilliam Square, Dublin 2 – Colliers International – Excess €2.8m
Dublin, 29th August 2016 – Colliers International have sold 26 Fitzwilliam Square, Dublin 2 one of the finest Georgian buildings to come to the market for a price just in excess of €2.8m, the property came to the market with a guide price of €2.35m. Colliers confirmed there was strong competition from a variety of buyers for the building.
No 26 located on the south side of the Square presents in immaculate condition throughout and has been beautifully maintained by the previous owners. The building comprises of a net internal area of 4,500 sq. ft. with six car spaces to the rear. The sale did not include Mews which is held under separate ownership.
Many of the original period features remain intact. The building, currently in office use throughout, let in its entirety to tenants including Adare Cosmetics and Grafton Recruitment.
The rental income from a number of short term tenancies is €92,000 per annum, the sale price achieved equates to a net initial yield of 3.1% with the option to improve on this at rent review and lease expires.
The price achieved for no 26 equates to €622 psf – Colliers have recently been involved in the sale of a number of building on the Square, and have witnessed an increase in demand and values over this period.
In December 2015 Colliers sold no 40 Fitzwilliam Square for €2.1m, the building was sold with vacant possessing, the price achieved equated to €507 psf. December 2014 Colliers sold no 43 on the Square at €2.45m which equated to €570 psf, with a number of short term tenancies in place, residential use on the 3rd floor together with the benefit of a potential mews site. No. 40 and 43 Fitzwilliam Square, were both acquired by international Investors. By comparison Colliers sold no 10 Fitzwilliam Square for €950,000 in 2012, which equated to a capital value of just €257 psf – showing a considerable rise in values for Georgians within this period. This increase in value is underpinned by rental growth over this period – rents are now region €45psf for top notch space.
Michele McGarry states, “there was strong interest from domestic and international cash buyers, the profile of buyers included investors and owner occupiers, together with buyers looking to convert back to residential use, demand for well-maintained buildings on the Square is very strong”
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Director – Investments