The sale of 25 St Stephen’s Green and the adjoining 14-15 Kildare Street provides investors and developers with a rare opportunity to acquire properties with vacant possession in Dublin city centre’s most sought-after office district.
Located within close proximity to landmarks such as the five-star Shelbourne Hotel, Dáil Éireann and Grafton Street, the three buildings extend to a total area of 1,485sq m (16,000sq ft) and are being offered for sale by Knight Frank at a quoting price of €12 million.
25 St Stephen’s Green is a six-storey, over-basement building developed in the 1970s and extending to a total area of 976sq m (10,500sq ft). The current layout provides for retail at ground floor with offices on the upper floors and stores at basement level.
The ground floor and basement are currently occupied by EuroGiant under a terminable licence, subject to a licence fee of €152,000 per annum. The remaining floors are vacant.
Significant value
14 Kildare Street, which has a Georgian-style elevation, was developed in the 1970s. The property is in commercial use, with retail at ground level and offices on the four upper floors while 15 Kildare Street is an original period building currently in residential use, with one studio and three one-bed apartments.
Five car-parking spaces are provided in a courtyard to the rear of the buildings, and these are accessed from St Stephen’s Green.
As the buyer will be able to secure full vacant possession, Adrian Trueick of Knight Frank says the property offers potential to add significant value, subject to planning permission.
Among the options available to the prospective purchaser are the refurbishment of the existing accommodation, the extension and widening of the floorplates to link the Stephen’s Green and Kildare Street buildings, or a more comprehensive re-development. There is also the potential to increase the existing basement area to provide additional retail or restaurant use.
