GeorgianSale: Another strong indication of the strength of the Dublin investment market came this week when three Georgian buildings at the junction of Upper Merrion Street and Baggot Street, Dublin 2, sold for around €9.5 million - a clear €1.5 million above the guide price.
They were bought by Gerard O'Hare, a Northern Ireland property developer who owns The Quays shopping centre in Newry and another one in Carlow. The underbidders are understood to have included the nearby Merrion Hotel.
Joint agents Bannon Commercial and Harper O'Grady handled the sale of the four-storey over basement buildings (numbers 18, 19 and 20) which were integrated some years ago, except at the ground level of number 18 which is divided into two single lock-up retail units, one let to Irish Nationwide, the other to Rhubarb Café/Deli.
The basement of the three buildings is let to The Pearl Brasserie restaurant. The remaining areas on the ground floor and all the upper floors were used for some years as serviced offices and are now vacant. A new owner is likely to refurbish the offices which should be easy to let because of the convenient location.
The entire property has a floor area of 1,605 sq m (17,274 sq ft) and is being sold with six off-site car spaces. The two retail units are rented at €143,329. The office space runs to 866 sq m (9,320 sq ft).
