76 – 78 Harcourt Street Comes to Market Guiding €21M - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 30/09/2020

76 – 78 Harcourt Street Comes to Market Guiding €21M

#savills

CNI Editor reports

Savills has placed 76 – 78 Harcourt Street in Dublin on the market with a guide price of €21m. The investment offers purchasers the opportunity to acquire a prime office block with 100% Government income for over 6 years.

The office block extends to 24,940 sq. ft. over a lower ground and ground floor plus 4 upper floors, which overlook one the city’s finest parks – the Iveagh Gardens, home to the renowned ‘Taste of Dublin’ festival.

The property features a modern extension, but has maintained its Georgian façade, in-keeping with surrounding buildings. 24 under-croft car parking spaces are also provided for. 

76 – 78 Harcourt Street was first let to the Office of Public Works in January 1982 on a 35-year lease. The current rent is low at €37.70 per square foot, giving a net initial yield of 4.37% but with strong reversionary potential. The next rent review is in January 2022.

The property sits on a site of about 0.3 acres with a portion of the site underutilised providing redevelopment opportunities for Investors. The Iveagh Gardens Hotel next door added two additional floors in 2018 to what was once an office building when redeveloping into a hotel.

Harcourt Street will see some major redevelopment in the next few years with planning granted to Hibernia Reit to expand the former Garda HQ to 343,000 sq ft of Grade A office accommodation.

Fergus O’Farrell of Savills said “76 – 78 Harcourt Street presents an opportunity to acquire a prime office investment with AAA State income over the next 6 years and potential redevelopment opportunities.

76 – 78 Harcourt Street is located in Dublin’s Central Business District. The Harcourt Street Luas (tram) stop is a 2-minute walk from the property. St Stephen’s Green and Grafton Street – Dublin’s prime shopping thoroughfare is also a short walk away.