Investors looking to benefit from the next wave of commercial and residential development in Dublin’s International Financial Services Centre (IFSC) and in the wider north docklands will be interested in the sale of the landmark Excise Building on Mayor Street Lower.
Built originally in 1821 for use as a bonded warehouse, today the 979sq m (10,541sq ft) property occupies a prime location in the heart of the capital’s now-thriving financial district. The Excise Building is being offered to the market through agent Sherry FitzGerald Commercial at a guide price of €2.9 million on behalf of a consortium of private clients, led and investment managed by Darren McKinley (formerly of Merrion Capital and Cantor Fitzgerald).
The hugely popular Korean pub and restaurant, Drunken Fish, occupies 9,262sq ft of the building over basement, ground and first floors, on a 20-year internal repairing insuring (IRI) lease that commenced on August 31st, 2015, with open-market rent reviews every five years at a current rent of €134,500 a year.
3fe Coffee occupies 1,278sq ft on a 20-year IRI lease that began on February 11th, 2022, with open-market rent reviews every five years at a current rent of €40,000 per year. The building is generating a total annual passing rent of €174,500, with scope for significant rental growth according to the selling agent.
The Excise Building has an excellent location within the IFSC. The property sits immediately adjacent to the National College of Ireland, and in close to Citi’s existing headquarters on North Wall Quay, Salesforce’s new EMEA headquarters at Spencer Place, and numerous of the docklands’ most popular entertainment and hospitality venues including the 3Arena, the Spencer Hotel and Hilton Garden Inn. The area is set to benefit further from Iput’s redevelopment of leading law firm A&L Goodbody’s headquarter offices at 25 North Wall Quay and Ronan Group Real Estate’s longer-term plan to redevelop Citi’s existing headquarters, which it acquired recently for €140 million.
The Excise Building is well-served by public transport, with the adjacent Mayor Street Luas red line stop complemented by the presence of several Dublin Bus routes, Dublin Bike stations, a Busáras bus depot and Connolly Station.
“This is a compelling investment opportunity for buyers looking to secure attractive long-term rental income,” Ross Harris and Elizabeth O’Hara of Sherry FitzGerald Commercial said of the premises.
“With full occupation and significant potential for rental growth, the Excise Building offers a stable and secure investment in a prime location.”
