Extending to 60,207 sq. ft., the investment offers purchasers the opportunity to acquire an office block in a prime Dublin CBD location, with 100% Government income for over 5 years to break and 8.5 years to expiry and with outstanding long-term redevelopment potential

The guide price at €37.5 million reflects a very attractive net initial yield of 5.75% (after standard purchasers’ costs) and €633 per sq ft

Planning has been granted for the demolition and redevelopment of the property to incorporate a state of the art five storey over basement office building extending to 117,177 sq ft (GIA). The development will feature external terraces on the fifth floor and include space for 90 bicycle spaces and 20 car parking spaces at basement level.

The property is very well serviced by public transport with a combination of bus, light rail and rail routes close by.

The property which has two separate entrances is split by way of Timberlay and Ballaugh House. The offices are arranged over lower ground and four upper floors, extending to a total Net Internal Area of 5,593 sq m. (60,207 sq ft), and are fully let to the OPW on FRI leases.

Commenting on the sale, Darragh Doyle of Savills Ireland said:

"The sale of 73 – 83 Lower Mount Street represents an excellent opportunity to acquire a high-quality office investment, with the option for redevelopment. The property is excellently located on Lower Mount Street, a short walk from St Stephen's Green and Grafton Street, and benefits from excellent transport links. The current tenant provides a high degree of stability and income certainty for potential purchasers, which should drive significant demand for this asset.”