A highly distinctive redbrick office building close to Christchurch in Dublin city centre goes on sale from today at a guide price of €2.25 million which will show a net initial yield of 8.25 per cent after standard costs are taken into account.
Bryan Garry of agents QRE is handling the sale of The Priory on John Street West for Project Architects whose principal Ambrose Kelly relocated to Prague shortly before the property crash and now controls a substantial property portfolio there.
The iconic Dublin building was built in 1878 as part of John Street 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 931 sq m (10,021 sq ft).
There are currently four tenants in situ paying a passing rent of €195,000. The tenants include Each & Other Limited, Adaptics Ltd and Silvercloud and with the latter firm due to move out in June, the next owner will obviously avail of the opportunity to start increasing the rent level.
The Priory generally charges a blended rents of €19.50 per sq ft but this is set to rise to a higher level in keeping with rents in the same area of the city. The Priory has been particularly popular in recent years with technology companies, something that is hardly surprising given that it is only a few minutes’ walk from The Digital Hub.
The Priory is located in one of the most historic parts of Dublin city close to not only Christchurch Cathedral but also the Four Courts and the Guinness Storehouse. It is within five minutes walk of Temple Bar.
