The combination of a prime location within Dublin’s core central business district and close proximity to the new European headquarters of LinkedIn is expected to drive the sale of the former Latchfords Townhouse on Lower Baggot Street.
Guiding at a price of €5 million through agent Mason Owen & Lyons, the investment comprises vacant possession of a hotel measuring 1,056sq m (11,368sq ft) including fixtures and fittings, and annual rental income derived from a well-known restaurant (Chai-Yo) at basement level, and a rear car park.
99-100 Lower Baggot Street comprises a pair of mid-terrace Georgian buildings facing on to Lower Baggot Street and two mews coach houses facing on to Hagans Court.
The property is situated across from The Miesian Plaza which houses the headquarters of the Department of Health. LinkedIn’s new EMEA headquarters, meanwhile, is under development currently at Iput’s Wilton Park scheme immediately to the rear of the building while the ESB’s redevelopment of its headquarters on nearby Fitzwilliam Street is nearing completion. These and other developments are expected to bring several thousand workers into the Baggot Street area once the rollout of the Covid-19 vaccine programme is concluded.
The subject property is well served by public transport including the Dart and Luas, with numerous bus routes serving Baggot Street.
Strong interest
In terms of income, the basement of the property and ground floor of 100 Lower Baggot Street is let for a term of 25 years from September 1st, 2002, on full repairing and insuring terms. The passing rent is €78,000 per annum, subject to five-yearly reviews and is upward-only. The tenant will not be affected by the sale.
There are 10 car spaces in the rear car park and these are licensed to the Bank of Ireland at a licence fee of €20,950 per annum.
Harry Byrne of Mason Owen & Lyons says he expects the sale of the property to generate strong interest from hotel operators, private, domestic and international investors, and developers.
