With stunning views of the square – and keys to access its private garden – 43 Fitzwilliam Square offers an impressive opportunity for an investor looking for a return or a homeowner looking for a private residence with some Georgian grandeur. .
The building, on the market for 3.75 million euros, is currently fully leased to Iconic offices, a flexible workspace provider, which operates 14 locations in Dublin. 43 Fitzwilliam Square currently includes a bespoke kitchen, meeting rooms and office space, and it offers a combination of private office and co-working space.
The property spans 410 mÂ² (4,315 square feet) and is spread over five floors, with space to park 10 cars in the back.
The building is leased under a 15-year lease from July 1, 2015, at a transitional rent of â¬ 152,208, while an additional â¬ 20,000 is generated by the annual rent of the car parks, also currently leased to Iconic Offices. Therefore, the total passing rent is â¬ 172,208 per year, and the asking price therefore reflects a gross return of approximately 4.5% for a new investor.
However, there is an option of mutual termination between the owner and the tenant next year, June 30, 2022, which opens the possibility to those interested in a conversion to residential use.
Indeed, as it retains many period features including cornices, fireplaces and high ceilings, and is in excellent condition, the property also presents a significant opportunity for an owner who would love the Georgian splendor of a private residence on Fitzwilliam Square.
This is especially true given that the property not only offers stunning views of Fitzwilliam Square, but also comes with a key giving access to the private garden.
The property also has its own 38m (125ft) west facing garden – a very rare untouched original piece of land. This offers the possibility of building a mews house without the limitations of working around a classified shed.
Residents of the square in recent years have included businessman Sir Tony O’Reilly, Lord Ballyedmond and publisher Kevin Kelly.
According to sales agent Aidan Hora, of Hora Property Consultants, the place has seen a surge in residential activity in recent years. Ten of the 69 houses in the square are now back for single-family use, including the neighboring house, number 44.
âThe trend towards residential use has also improved the level of community participation in the use and maintenance of the private gardens in Fitzwilliam Square,â he says.
A number of private residences in the square have recently appeared on the market, including 44 Fitzwilliam Square, the meticulously restored former residence of the late promoter Patrick Kelly, which was listed for â¬ 3.5 million on the market. last fall. Another house, 28 Fitzwilliam Square, also entered the market in need of renovation earlier this year for â¬ 3 million.
However, according to the price register, the last sale in the square was in 2019, when the number 1 sold for 2 million euros.