The commercial building in Temple Bar, Dublin
The recent sale of a commercial building in Dublin’s Temple Bar looks set to see the realisation of a residential vision of Mick Wallace, the former member of the European Parliament and property developer.
Estate agent Colliers has completed the sale of the eight-storey mixed-use building, 48 Fleet Street, for a figure exceeding its €3.25m guide price. It is believed that the purchaser intends to apply for a change of use of its office floors to residential apartments as he has experience of similar conversions.
Niall Delmar of Colliers, who handled the sale, said he was pleasantly surprised to find that about two out of every three offers he received were from prospective purchasers who wished to convert the upstairs floors to residential. The ground and basement levels are currently leased to tourist retailer Carrolls Irish Gifts Unlimited until 2033, generating €60,000 per annum. Some of the office space is also generating income.
Prior to redeveloping the building, Mr Wallace had received planning permission for nine apartments, including two duplexes, but changed his mind and secured a change of use to offices. Nevertheless, he retained some balconies which will now suit apartment conversions. The modest floor plates are also suited to apartments as they average about 800 sqft, while the top two floors could be suitable for a duplex as the top floor extends to only 100 sqft. However, there are views over Temple Bar and parts of the city centre. Its modest ground floor reception area affords separate access to the upper floors.
Mr Wallace sold it some years ago.
Mr Delmar said: “This sale underpins the strong interest from investors actively looking to reposition well-located office space into much-needed residential accommodation.”
He believes well-positioned assets with conversion potential continue to attract competition despite ongoing economic pressures.
The inclusion of retail at ground floor also helps to provide more secure longer-term tenancies which favour those properties with over-the-shop potential.
The purchaser, a private investor/developer, was represented by Brian Gaffney of Murphy Mulhall.
The building is located near the Westmoreland St entrance to Temple Bar. Mr Wallace also developed apartments at Connolly House, Temple Bar, in conjunction with the Communist Party of Ireland which in turn received a revamped Connolly Bookshop and New Theatre.
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