Development Opportunity on Stephen’s Green Guiding €18 million - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 16/09/2020

Development Opportunity on Stephen’s Green Guiding €18 million

#savills

CNI Editor reports

A rare opportunity to construct an office block providing up to 50,328 sq. ft. of space on Dublin’s St Stephen’s Green has been launched to the market today. Grant Thornton have appointed property advisor, Savills Ireland to seek offers in excess of €18 million.

92 and 93 St Stephen’s Green comprise two interconnected period structures, with an arched alleyway providing access to a rear car park. The property is bounded to the south by the Iveagh Gardens, to the north by St Stephen’s Green and to the east and west by international office occupiers.

The 4 storey over basement building extends to 19,106 sq. ft. and is currently occupied under the terms of a series of license agreements, producing an annual income of approximately €344,000 with potential to increase further once fully occupied.

The entire site is approx. 0.12 ha (0.3 acres) with approx. 0.08 ha (0.2 acres) available to develop at the rear.

Redevelopment

RKD Architects have prepared a feasibility study option which shows extensive redevelopment potential to include the existing building connecting to a new modern office extension to the rear comprising approximately 4,676 sq m or 50,328 sq ft in total over six floors.

According to Savills, this option would incorporate a unique entranceway to the building via the impressive brick alleyway. It also makes use of the excellent views to the front over St Stephens Green and to the rear overlooking the Iveagh Gardens.

John Swarbrigg, Director of Development & Consultancy at Savills Ireland said the property provides a rare opportunity to acquire a significant development opportunity at Dublin’s premier address.