FOR SALE - TENANT NOT AFFECTED

43 L OWER LEE S ON STREET

DUBLIN 2

‘High prof ile off ice / educational

investment on the western side of

L eeson S tree t ’

N.B: For identification purposes only

INVE ST MENT CONSIDERATIONS

• A prominent refurbished four storey over basement level terraced Georgian building, benefits from a combination of many original features and modern finishes.

• The property is excellently located close to St. Stephen’s Green and Fitzwilliam Square.

• Extending to approximately 367.4 sq. m. (3,955 sq. ft.) NIA in total.

• The entire is leased to Champlain College Dublin Limited on a 20 year IRI lease from 8th August 2008. The contracted rent is €145,000 per annum. The passing rent is €90,000 per annum by way of a side letter, which reduced the rent as and from 1st April 2012. Tenant break option in August 2023.

• Highly reversionary, with an outstanding rent review dated August 2018.

• Offers are sought in excess of €2,300,000 which represents a net initial yield of 3.56% based off the passing rent / 5.73% based off contracted rent, after allowing for standard acquisition costs of 9.96%.

N.B: For identification purposes only

L O CATION

The subject property is situated on the western side of Leeson Street Lower, approximately

0.4 kilometres southeast of St. Stephen’s Green and the prime retail district around Grafton

Street. Leeson Street Lower runs in an eastwest direction between the Grand Canal and St.

Stephen’s Green and the subject property is located close to the junctions of Hatch Street

Lower and Adelaide Road.

Leeson Street comprises part of the traditional Central Business District (CBD) with much

of the Georgian period accommodation along the thoroughfare and adjoining streets now

in office, embassy or institutional uses. Prominent office and educational occupiers along

Leeson Street Lower include the Office of the Ombudsman, the Institution of Education and

The Catholic University School (CUS).

A number of Dublin Bus routes operate nearby and connect Dublin City Centre with the

surrounding suburbs. The property is also in close proximity to the Luas Green Line, which

stops at Harcourt Street and Grand Parade; and the DART, with the nearest station being

located at Pearse Street.

43 L OWER LEE S ON STREET

DUBLIN 2Hotels1. Hilton Hotel2. The Shelbourne3. The Merrion4. Meslip The Canal5. Clayton

Amenities 1. Grafton street2. Holles Street3. Fitzwilliam Tennis Club4. Stephen’s Green5. Ivy Garden6. Merrion Square7. Trinity College8. College of Surgeons

Corporate Locations:1. Amazon2. AIB3. Wework4. Deloitte5. Aercap6. Arthur Cox7. Nitro8. Government Buildings9. Zendesk10. Marsh & McLennan11. OPW12. Lone Star Finance13. IFSC14. PWC15. Facebook16. Central Bank17. LinkedIn18. Glandore19. Bank of Ireland20. Google21. Oakmount

Transport1. Dublin Bus corridorGreen Luas2. Charlemont Luas3. Harcourt Luas

DE SCRIP TION

The subject property comprises a mid-terrace four storey over basement level Georgian office building of traditional construction

with a predominantly yellow brick outer leaf, and a part sand/cement render to the rear basement floor. The building features single

glaze timber frame sliding sash windows with decorative window boxes at first and second floor level to the front façade.

Internally, the property is currently occupied by Champlain College and is in an educational use with the accommodation laid out to

provide for classrooms, offices, toilets and ancillary services.

The building was refurbished in c.2008 and the accommodation is well laid out, providing good floor to ceiling height at basement

ground and first floor levels. The accommodation offers a number of attractive Georgian period features including fireplaces, ornate

doors and timber surrounds and cornicing with centre roses and decorative coving. There are raised access floors in the classrooms

throughout.

Kitchenette or tea station facilities are provided at basement and third floor levels and incorporate a basic range of modern cupboard

units and stainless steel sinks. Toilet facilities are located at basement, ground, first and third floors and feature the usual range of wc

/ whb units with tiled floors and part tiled walls.

To the rear of the property there is an attractive yard, which is predominantly covered in loose stones together with a number of

flowerbeds and shrubs. The rear yard is bounded by a stone wall.

N.B: For identification purposes only

ACCOMMODATION

* In the normal manner, all interested parties are advised to satisfy themselves as to accuracy of all floor areas provided.

Floor Net Internal Area Sq. M Net Internal Area Sq. Ft

Basement/Garden Level 93.54 1,007

Ground Floor 55.52 598

1st Floor 81.83 881

2nd Floor 61.24 659

3rd Floor 75.25 810

Total 367.38 3,954

LE ASE DETAIL SThe entire is leased to Champlain College Dublin Limited on a 20 year IRI lease from 8th August 2008.

The contracted rent is €145,000 per annum. The passing rent is €90,000 per annum by way of a side letter, which reduced the rent as and from 1st April 2012. Tenant break option in August 2023.

Highly reversionary, with an outstanding rent review dated August 2018.

TOWN PL ANNINGPlanning policy for the area is contained in the Dublin City Development Plan 2016 – 2022.

The subject property is zoned ‘Zone Z8: Georgian Conservation Area’ which is defined as

‘To protect the existing architectural and civic design character, and to allow only for limited

expansion consistent with the conservation objective’.

Dublin City Council list the property as a Protected Structure No. 4415.

ASSET MANAGEMENT

Potential to sustantially increase the rental income through enacting the outstanding rent

review (August 2018).

43 L OWER LEE SON STREET

DUBLIN 2

Tenure Long Leasehold Title

Guide Price€2,300,000

VATPlease refer to agent.

BERExempt

ViewingsViewings are strictly through the sole selling agent QRE.

SolicitorsBeauchampsRiverside Two, Sir John Rogerson’s Quay, Dublin 2Bill O’RourkeE: b.orourke@beauchamps.ieT: +353 (0)1 418 0600

QRE Real Estate Advisers

No. 2 Shelbourne Buildings

Crampton Avenue

Ballsbridge

Dublin 4

Bryan Garry MRICS MSCSI

E: bryan.garry@qre.ie

T: + (0) 1 637 5544

Gareth McKeown MRICS MSCSI

E: gareth.mckeown@qre.ie

T: + (0) 1 637 5544

qre.ie

43 L OWER LEE SON STREET

DUBLIN 2