Prime mixed-use property in College Green guiding €5.2m – Business Post, Jan 17, 2021
No 18-19 is a six-storey over basement mixed-use property built in the 1950s with net internal area of 938 square metres.
18-19 College Green in Dublin 2 is currently on the market, with TWM guiding €5.2 million
The triple-sided plaza that makes up College Green in Dublin 2, the epicentre of Dublin city flanked by the famous facades of Trinity College and the former Central Bank, is currently undergoing a transformation. What better time to secure a property in this historic location?
TWM has just such a property in the guise of 18-19 College Green, guiding €5.2 million. TWM director Patricia Ward, who is handling the sale, said it would offer investors and developers a superb pitch given the refurbishment of the former Central Bank and planned pedestrianisation.
No 18-19 is located in one of the most historic quarters of Dublin which is likely to be transformed if Dublin City Council’s plans for a Civic Plaza are adopted.
The six-storey over basement mixed-use property was built in the 1950s, has a net internal area of 938 square metres, and is not a protected structure.
The five upper floors, which were recently in office use, are now vacant and extend to a total of 552 square metres NIA.
RKD Architects in Ballsbridge has designed an extension and additional floor which, subject to planning permission, would increase the floor area of the upper floors to a gross internal area of 10,097 square metres.
The upper floors have a separate access from College Green served by an independent staircase and a passenger lift from a secure and generous lobby.
Ward said there was currently a shortage of investments of this calibre and lot size on the market, and she expects interest from private families with operational requirements, office developer landlords, serviced office providers and individual private investors.
“The location is undoubted, and the capital value per square foot [of €515] has been exceeded by other sales in the area many times over, some on less prominent streets,” she said.
The ground floor and basement of 386.1 square metres currently offers secure income from Tesco Ireland, with a 25-year lease in place from July 2013. The passing rent is €62,426 per annum with five yearly CPI-linked rent reviews. Tesco has break options in June 2023 and June 2028.