A high-profile office building on Aungier Street, let on a long lease to Dublin Business School (DBS), has been brought to the market by Savills at a guide price in excess of €15m. A price at this level reflects a very attractive capital value of €532 per ft². The property is centrally located in the heart of Dublin CBD, only minutes from the environs of St. Stephen’s Green and the facilities of Grafton Street and is securely let for a further 10.3 years, with upwards only rent reviews and no break options. DBS are currently paying a rent of €675,000 per annum, reflecting a low average rate of approx. €24 per ft².
This modern four-storey over basement building extends to 2,618m² (28,180ft²) and is situated on a virtual island site of c. 0,21 acres, providing excellent longer-term redevelopment potential (SPP). The property originally dates from the 1930s and has since been modified and updated and is currently in use as the Dublin Business School. The existing accommodation provides educational classrooms, lecture rooms, offices, a library and a canteen in addition to an impressive entrance foyer/reception area fronting onto Aungier Street.
The location boasts unrivalled access and transport facilities. The LUAS Green Line linking St. Stephen’s Green to the South Dublin suburbs and the new LUAS Cross City Line are both located 400 metres from the property. The area is well served by Dublin Bus routes in addition to having a number of multi-storey car parking facilities and Dublin Bikes stations close by.
Kevin McMahon of Savills says: “We expect strong interest in this opportunity due to the long unexpired term and excellent income enhancement potential from the upcoming rent review, in addition to the longer-term redevelopment plans and the attractive price of €532 per ft² for a prominent, centrally located Dublin city centre building.”
