Having already secured an impressive €180 million from the disposal of of its newly-developed Fitzwilliam 28 office scheme to French investor Amundi Real Estate in the midst of the Covid-19 pandemic, the ESB will be hoping that the lifting of the lockdown will help to drive the sale of a more modest development opportunity it is bringing to the market in Dublin's central business district.
Located between Baggot Street Lower and Mount Street Upper and just a short walk from Fitzwilliam 28 and the ESB’s new headquarters in Fitzwilliam 27, No 37-42 James Place East currently comprises office and mews buildings totalling 1,142sq m (12,291sq ft) which were fully refurbished in 2017, along with a secure nine-space surface car park. The property is being offered to the market by Rita Carney and Max Reilly at agent JLL at a guide price of €7.5 million.
Frontage
The overall site extends to approx 0.155 hectares (0.385 acres) and has 45m (147.6ft) frontage on to James Place East. The subject property is zoned Z6 under the Dublin City Development Plan 2016-2022, to provide for the “creation and protection of enterprise and facilities opportunities for employment creation”.
An initial feasibility study, prepared in advance of the sale by architects Scott Tallon Walker, suggests the site could accommodate a new office building or other uses subject to planning permission. Should the buyer decide to pursue the development of offices, the study outlines the site’s capacity for a 40,000sq ft building together with secure underground car parking and a range of tenant amenity facilities.
Immediate income
Apart from its development potential, the subject property also offers the prospective buyer the opportunity to secure immediate income for a period following the completion of the site’s acquisition. The premises will be leased to the ESB on a short-term lease for a period of six months from the date of closing, with an option for the ESB to extend this agreement by a further three months. If they remain in situ for the further three-month period, they will pay a rent equivalent to € 368,730 per annum or €92,187 per quarter. The ESB as tenants will be responsible for rates, insurance and utilities during their occupation and there will be no reinstatement or dilapidations liability upon expiry.
James Place East immediately adjoins the rear of the 30 Herbert Street office building (currently occupied by Brown Brothers Harriman)while the respective headquarters of the Department of Health at Miesian Plaza, and of the ESB and Slack Technologies at the Fitzwilliam 27/28 are in close proximity. The European headquarter campuses of Google, LinkedIn, Stripe and Twitter are also situated just a short distance from the site.
