QRE Real Estate Advisers have been retained to sell a high-profile asset management opportunity in Dublin 4. 19 Baggot Street Upper is an attractive four-storey over basement period building, situated on the southern side of Baggot Street Upper, close to the junction with Mespil Road. The property comprises vacant retail space at basement and ground floor levels, with the first, second and third floors fully let under a single lease. The current floor area extends to approximately 221 sq. m (2,380 sq. ft.) however planning was recently obtained to extend both the basement and ground floors to increase the total area of the building to approximately 286 sq. m (3,083 sq. ft.).
The property is being sold with the benefit of planning permission for an extension and change of use of the basement and ground floor from café use to restaurant use. The former café fitout has been removed to shell and core condition in preparation for the associated works. The first, second and third floors are let to Laser Media Ireland Ltd from 1st May 1994 for a term of 35-years at €25,000 per annum. There is a tenant only break option in year ten which has expired, and upward only rent reviews every five years, with the next being in May 2024.
Harry Byrne and Bryan Garry of the selling agent is quoting a guide price of €1,200,000 for this asset management opportunity. The agent anticipates strong interest in the sale due to the ‘flexibility of the basement and ground floor space, the high-profile location of the property, and the lack of similar stock in the immediate area”.
For further information, please contact Harry Byrne or Bryan Garry of QRE Real Estate Advisers
083 3918 649