SOLD PRIVATELY – AIB, Lower Baggot Street, Dublin 2.
Description
Very High Quality Commercial Property Investment Opportunity
Fully let to Allied Irish Bank PLC for 20 years from 2007.
Current Rent €380,000 per annum.
Excellent Reversionary Potential.
LOCATION: The subject property is situated at 1-4 Lower Baggot Street, within a couple of minutes’ walk from St Stephen’s Green & Grafton Street in the heart of prime Dublin 2. Merrion Street which is the location of Government Buildings, is just around the corner. Fitzwilliam and Merrion Squares are within close proximity as are other well-known landmark locations such as Ely Place, Lower Leeson Street to name but a few.
Lower Baggot Street and the adjoining Merrion Row and highly active commercial thoroughfares with abundant footfall. Nearby businesses include many well-known retail and office occupiers, together with assorted high profile pubs, restaurants, cafes and hotels, including the Shelbourne, Conrad and Merrion Hotels. Given the diverse mix of activities on Lower Baggot Street, it is popular with tourists and professionals alike.
DESCRIPTION: 1-4 Lower Baggot Street comprises a modern 4-storey over basement premises in banking and office use throughout. The entire is leased to Allied Irish Bank PLC on a full repairing lease, which is due to expire in 2027 at a current rent of €380,000 per annum.
The building is presented in pristine condition throughout with retail banking hall at ground floor. The first floor is laid out in a series of meeting rooms and a private reception area whereas the upper floors comprise staff offices and canteen area. The basement area is utilised as a secure stores.
The building is in excellent condition throughout and the tenant is responsible for all repairs.
LEASE: The property is held by Allied Irish Bank PLC under a modern 20 year lease which commenced on 19th December 2007. The current rent is €380,000 per annum. The Tenant is responsible for full repairs and insurance. There is a tenant break clause at the end of year 15, ie in December 2022. The lease provides for rent reviews to “open market yearly rent” at the end of each 5th year of the term of the lease. Rent is to be reviewed on an “upwards only” basis.
ACCOMMODATION: The property comprises the following approximate net internal floor areas*:
| Floor | Approx Sq M | Approx Sq Ft |
| Ground | 337.22 | 3,629.77 |
| First | 147.43 | 1,586.90 |
| Second | 112.13 | 1,206.95 |
| Third | 91.70 | 987.05 |
| Basement | 47.17 | 507.72 |
| Total | 735.65 | 7,918.40 |
*the above floor areas are stated in the subject lease, for rent review purposes. Prospective purchasers are specifically advised to conduct their own independent measurement.
INVESTMENT FEATURES
AAA Covenant – ALLIED IRISH BANK PLC not affected.
Modern Retail/Office Property; “non-protected structure” – suitable for many alternate uses (spp).
Landmark Building with superb frontage (estimated c 23m) onto a heavily populated streetscape.
Excellent Location – highly sought after by investors and end-users.
“Upwards Only” Rent review structure.
Highly Reversionary Commercial Property Investment with Excellent Rental Growth Prospects.
Contact
01-6780400