Redevelopment: The only unlisted building on Lower Pembroke Street in Dublin 2, which sits on a site of 0.31 of an acre with 36 car-parking spaces, makes an interesting redevelopment opportunity in the heart of Georgian Dublin

An interesting redevelopment opportunity in the heart of Georgian Dublin will arise shortly when an infill building at 16 Lower Pembroke Street, Dublin 2 is offered for sale by tender.

DTZ Sherry FitzGerald is quoting over €20 million for the four-storey over basement building, the only one not listed for preservation on the street. It is being sold by the Commissioners for Irish Lights which is relocating to Dún Laoghaire.

The building has a floor area of 2,000sq m (21,528sq ft) and 36 car-parking spaces on the site which extends to 0.13 hectares (0.31 of an acre).

The plot ratio of just 1.6:1 would be considered low and, because the building is not identified as a "protected structure", the agent claims that it may be demolished, subject to planning permission, and replaced with a modern, high density block.

The availability of two access points, one on Pembroke Street and the other on Windsor Place, would allow added flexibility for possibly a mixed-use development.

The building is zoned for both commercial and residential use and, following the recent resurgence in demand for prime office space in Dublin, DTZ Sherry FitzGerald says it would expect newly completed office rents in this prestigious area to reach around €645 per sq m (€60 per sq ft).

Demand for residential units would also be strong and sale prices would probably be in the order of €10,764 to €12,917 per sq m (€1,000 to €1,200 per sq ft).

DTZ Sherry FitzGerald says it is rare enough that a property of this calibre with redevelopment opportunities should come on the open market.

It expects that the property would appeal to a wide range of purchasers, including occupiers, developers and investors.

The basement car park currently accommodates 36 vehicles.