Prime Dublin 2 development opportunity is seeking 7.5 million euros
Having already secured an impressive 180 million euros thanks to the sale of its new Fitzwilliam 28 office project to French investor Amundi Real Estate amid the Covid-19 pandemic, the ESB hopes that the lifting of the lockdown will help stimulate the sale of a smaller development opportunity it is marketing in Dublin’s central business district.
Located between Baggot Street Lower and Mount Street Upper and a short walk from Fitzwilliam 28 and the new ESB headquarters at Fitzwilliam 27, No 37-42 James Place East currently includes office and mews buildings totaling 1142 m2 (12,291 square feet) which were completely renovated in 2017, with secure parking for 9 spaces. The property is offered to the market by Rita Carney and Max Reilly at agent JLL at the indicative price of 7.5 million euros.
The entire site covers approximately 0.155 hectares (0.385 acres) and has a frontage of 45 m (147.6 feet) on James Place East. The property in question is zoned Z6 as part of the Dublin City Development Plan 2016-2022, to provide for “the creation and protection of businesses and facilities for job creation”.
An initial feasibility study, prepared before the sale by architects Scott Tallon Walker, suggests that the site could accommodate a new office building or other uses subject to planning permission. If the buyer decides to continue with office development, the study describes the site’s capacity for a 40,000 square foot building with secure underground parking and a range of tenant facilities.
In addition to its development potential, the property in question also offers the potential buyer the opportunity to earn immediate income for a period following the completion of the site acquisition. The premises will be leased to ESB on a short-term lease for a period of six months from the closing date, with an option for ESB to extend this agreement for a further three months. If they stay there for the next three months, they will pay rent equivalent to € 368,730 per year or € 92,187 per quarter. The ESB, as a tenant, will be responsible for tariffs, insurance and utilities during their occupation and there will be no responsibility for reinstatement or dilapidation upon expiration.
James Place East immediately adjoins the rear of the 30 Herbert Street office building (currently occupied by Brown Brothers Harriman) while the respective headquarters of the Department of Health at Miesian Plaza, and ESB and Slack Technologies at Fitzwilliam 27 / 28 are nearby. The European campuses of Google headquarters, LinkedIn, Stripe and Twitter are also located a short distance from the site.
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