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Prime Dublin 2 office investment guiding at €2.3m

No 43 Leeson Street Lower is fully let and producing €90,000 in annual rent currently
written by QRE Editor  /  22 Apr 2020

Agent QRE Real Estate Advisers are guiding a price of €2.3 million for a fully-let investment property in Dublin’s prime central business district.

No 43 Leeson Street Lower comprises a four-storey over-basement terraced Georgian building, which extends to approximately 367sq m (3,955sq ft) in total.

The property is in excellent condition, having undergone an extensive refurbishment in 2009.

The building is in educational use and let in its entirety to Champlain College Dublin on a 20-year lease from 2008 at a passing rent of €90,000 per annum by way of side letter dated 2012. The investment is highly-reversionary with an outstanding rent review dated August 2018.

Excellent condition

No 43 is located within close proximity to St Stephen’s Green and a wide range of amenities including shops, bars, restaurants, hotels, and entertainment venues. In terms of public transport, the subject property is readily accessible by a number of Dublin Bus routes. Both the Luas green Line and Dart services .

The guide prices reflects an attractive capital value of approximately €582 per sq ft. Bryan Garry, director of investment at QRE comments “Given the reversionary nature, excellent condition and prime location of the property, this opportunity is likely to appeal to wide variety of investors.”

 

Ronald Quinlan, The Irish Times - Wednesday, 22nd April 2020