A five-storey office and retail building with dual frontage on to South William Street and Drury Street in Dublin 2 has been bought by a private investor for more than €10 million – €1 million more than the guide price.
The two interlinking buildings offer considerable scope for redevelopment as a single large retail venue with access off two busy streets.
Maryland House, a landmark building at 21-22 South William Street, extends to 1,416sq m (15,244sq ft). Four of the five floors are used as offices by the Automobile Association (AA) at an annual rent of €561,730. The ground-floor frontages on to both streets are let to retail tenants, bringing the total passing rent to €611,730.
The next owner is expected to make better use of the two buildings, starting off by eliminating 22 car parking spaces at surface and basement levels as well as the large roller shutter doors, which are clearly out of place on two fast-changing streets.
James Nugent of Lisney, who handled the sale, said there was “latent development potential, subject to planning and vacant possession, to convert these car spaces into further commercial accommodation and thus increase the rental income”.
The AA’s rent works out to €425 per sq m (€35.90/sq ft) for the offices and annual fees of €2,500 for each of the car parking spaces under two leases due to run out at the end of 2022 and 2024. The buildings have been in the ownership of the same family for the past 45 years.
