The investment offers purchasers the opportunity to acquire an office block in a prime Dublin CBD location, with 100% Government income for almost 7 years to break and 10 years to expiry and with outstanding long-term redevelopment potential.

The guide price at €36 million reflects a net initial yield of 4.60% (after standard purchasers’ costs) and €691 per sq ft (excluding car parking).

The office block extends to 49,569 sq ft. over lower ground, ground and 3 upper floors. The property has a red brick façade with over 50 metres frontage onto Lower Mount Street.

84-93 Lower Mount Street has been occupied by the Office of Public Works on a long-term lease since February 1981 and has recently been extended for a further 10-year period to June 2031 subject to a tenant break option in June 2028. The passing rent equates to a relatively modest level of €34.95 per sq ft.

The property sits on a site of about 0.55 acres and is ideal from a redevelopment perspective. A feasibility study by Henry J Lyons for a full redevelopment has been prepared to include the demolition of the existing building to be replaced by a part five, part six and part seven storey development comprising 9,931 sq m (106,896 sq ft) gross floor area.

Fergus O’Farrell of Savills commented:

“84-93 Lower Mount Street presents an opportunity to acquire a prime office investment with State income and exciting long term redevelopment potential.”

84-93 Lower Mount Street is located in Dublin’s Central Business District. It benefits from its location next to Merrion Square and Grand Canal. Grand Canal Dock Dart station is an 11 minute walk from the property while the Stephen’s Green Luas (tram) stop is 1.5km away. St Stephen’s Green and Grafton Street – Dublin’s prime shopping thoroughfare – are also a short walk away.