With unrestricted views over the square – and keys to access its private garden – 43 Fitzwilliam Square offers an impressive opportunity for an investor in search of yield, or a homeowner looking for a private residence with some Georgian grandeur.
The property, on the market for €3.75 million, is currently let in its entirety to Iconic offices, a flexible workspace provider, which operates 14 locations in Dublin. 43 Fitzwilliam Square currently comprises a bespoke kitchen, meeting rooms and office spaces, and it offers a combination of private offices and co-working spaces.
The property extends to 410sq m (4,315sq ft) and is laid out over five floors, with space for parking 10 cars to the rear.
The property is let under a 15-year lease from July 1st, 2015, at a passing rent of €152,208, while a further €20,000 is generated from the annual rent on the car-parking spaces, also currently let to Iconic Offices. Therefore, the total passing rent is €172,208 a year, and so the asking price reflects a gross yield of about 4.5 per cent for an incoming investor.
However, there is a mutual landlord and tenant break option next year, on June 30th, 2022, which opens up the potential for those interested in conversions back to residential use.
Conversion
Indeed as it retains a host of period features, including cornicing, fireplaces and high ceilings, and is in excellent condition, the property also presents a significant opportunity for an owner who would like the Georgian splendour of a private residence on Fitzwilliam Square.
This is particularly true given that the property not only offers unrestricted views across Fitzwilliam Square, it also comes with a key, offering access to the private garden.
The property also has its own 38m (125ft) west-facing garden - a very rare intact original plot. This offers the potential to build a mews house without the limitations of working around a listed coach-house.
Residents of the square in recent years have included businessman Sir Tony O’Reilly, Lord Ballyedmond and publisher Kevin Kelly.
According to selling agent Aidan Hora, of Hora Property Consultants, the square has enjoyed a resurgence in residential activity in recent years. Ten of the 69 houses on the square are now back in single-family use including the neighbouring house, number 44.
“The trend towards residential use has also improved the level of community participation in the use and upkeep of the private gardens of Fitzwilliam Square,” he says.
A number of private residences on the square have come on the market of late, including 44 Fitzwilliam Square, the meticulously restored former residence of the late developer Patrick Kelly, which was listed for €3.5 million last autumn. Another home, 28 Fitzwilliam Square, also came to the market in need of renovation earlier this year for €3 million.
According to the price register however, the last sale on the square was back in 2019, when number 1 sold for €2 million.
