Agent Avison Young is guiding a price of €5 million for numbers 11 and 12 Warrington Place in Dublin city centre.
The property, on the fringes of the city’s Georgian core, overlooks the Grand Canal and comprises an office block laid out over five floors from lower-ground level to third floor with a net internal area of 1,329sq m (14,305sq ft). The office accommodation is largely open-plan and sits alongside a three-bedroom apartment at third-floor level.
Developed in 1979, the building has a mock-Georgian facade, allowing it to blend into the surrounding area, and has 11 secure car-parking spaces located to the rear.
Numbers 11 and 12 are partially leased to three tenants, namely Fidelity Information Services (FIS), Co-operative Housing Ireland and Sentrio. The total passing rent is €409,820 a year with further scope, according to the selling agent, to increase the overall rental income by securing tenants for the vacant floors and the apartment.
Roger Keogh of Avison Young believes the property would be suitable for refurbishment and continued use as office, or alternatively, for conversion to residential use (subject to planning permission).
The subject property is zoned Z1 – Sustainable Residential Neighbourhoods under the terms of the Dublin City Development Plan 2022-2028. A feasibility study prepared in advance of the sale suggests there is potential convert the property to 21 apartments with car parking. A copy of the feasibility study is available from the selling agent on request.
Roger Keogh of Avison Young says: “Opportunities of this nature are rarely available to the market, and we anticipate strong interest from both investors and developers.”