Joint agents HWBC and Cushman & Wakefield are guiding a price of €4.5 million for two adjoining office buildings on Merrion Square along with a 14-space car park and two-storey mews to the rear at Holles Place. The entire is generating overall income of €300,000 per annum.
28 Merrion Square comprises a four-storey over-basement, midterrace period property extending to a net internal area of 6,107sq ft. The building is predominantly multi-occupied as offices with a large two-bedroom apartment on the third floor, which is in excellent condition. There is a large private car park to the rear of No 28 with secure parking for 12 cars.
29 Merrion Square comprises a four-storey over-basement period property extending to a net internal area of 4,768sq ft. The building underwent a comprehensive restoration in 2018 and presents in excellent condition while maintaining many of its original Georgian features. The property served as the original headquarters of the Irish office of the European Union (EU) or the EEC as it was then known in 1973. The entire building is now let to Downey Planning at an annual rent of €157,000. The lease includes four car-parking spaces with rear access from Holles Place.
The mews at 29 Holles Place is accessed via Holles Place to the rear of Merrion Square and comprises a refurbished self-contained two-storey mews of 1,582sq ft with parking for one to two cars and a private rear terrace. Terms have recently been agreed for a new five-year lease at a rent of €35,000 per annum.
Paul Scannell of HWBC and Peter Love of Cushman & Wakefield say: ‘’The sale of 28 and 29 Merrion Square and the mews on Holles Place offers the purchaser a combination of secure rental income and asset-management opportunities. We expect to see strong interest from a range of companies, institutions and private investors.”
