A private Irish investor has paid €3,505,005 to secure ownership of 73 Lower Baggot Street, a prime Georgian property with development potential. The price paid represents a 17 per cent premium on the €3 million Colin O’Shea of Colliers had been guiding when he offered the property to the market on behalf of the Health Research Board in February of this year.
The subject property comprises a four-storey over-basement, end-of-terrace Georgian building extending to a net internal area of 3,978sq ft. The property, which is currently in office use, sits on an extensive site with original coach house to the rear. Internally the building retains numerous original period features including cornicing, ornate fireplaces, ceiling roses and stained-glass windows.
The ground floor offices interlink with the extension to the rear of the carriage arch. The rear garden is accessed from the ground floor. The first floor includes two large interlinking offices, while the second and third floors comprise private offices. The basement includes a large canteen area, comms room, storage, male and female toilets, shower facilities and rear access to the garden.
The rear garden is 38m (124.6ft) in length, extends across a total area of 0.8 acres and includes the property’s original stone-built coach house. Vehicular access to the coach house and rear garden is via Herbert Lane. The rear garden offers potential, according to the agent, for the development of a residential or commercial mews of up to three storeys (subject to planning permission) in line with recent developments on the lane.
Number 73 is steeped in history and is commonly referred to as the Turnstone Building because of the turnstone bird sculpture on the facade. The turnstone bird was chosen to symbolise the work undertaken by the Medico Social Research Board, which had its offices at 73 Lower Baggot Street (and is now part of the Health Research Board).
Commenting on the sale of the property, Michele McGarry of Colliers’ capital markets division said: “Number 73 Lower Baggot Street attracted a wide variety of buyers, including investors and owner-occupiers for uses including residential, hotel and office. The refurbishment and development potential offered many angles which was reflected in the price achieved.”
