A Dublin business family has bought a hugely attractive, period office building close to Christchurch for €2.25 million. The Priory on John Street West, Dublin 8, has been owned for a considerable period by Project Architects whose principal Ambrose Kelly relocated to Prague before the property crash and has since assembled a considerable property portfolio there.
The building was built in 1878 as part of John’s Lane Church, off Thomas Street, and has evolved over the years into an office building of considerable appeal with loft-style office accommodation on six levels totalling 931sq m (10,021sq ft).
One of the floors is currently vacant, reducing the rent roll to €150,000 and the net yield to 6.15 per cent.
The Priory has been charging blended rents of €19.50 per sq ft but these are expected to rise to a higher level in keeping with rents in the area. The Priory has appealed especially to technology companies, partially because of its close proximity to the Digital Hub in the Liberties.
The sale was handled by Bryan Garry and Conor Whelan of QRE while Antoine Xavier of Xestra Asset Management advised the purchasers.
