Business World , one of the Ireland’s leading content creators, has drawn attention to South Hill Capital’s successful application to refurbish a prime Georgian property on Merrion Square.
09 August 2017 | 01:50 pm
It was announced last week that planning consent has been granted to developer South Hill Capital to undertake the full refurbishment of a prime Georgian property on Merrion Square, Dublin 2, to create 7,000 square feet of high end office space.
14 Merrion Square was acquired by South Hill Capital in September 2016. The extensive refurbishment is being carried out by Dublin based architects Fitzgerald Kavanagh Partners, the firm behind the restoration of St Mel’s Cathedral.
The property is spread over six floors with floor plates of between 1,000-2,000 square feet per floor, the property is expected to appeal to small and medium sized professional firms and will be marketed by Bannon, with availability from the first quarter 2018.
Annual rents are likely to be in the region of €35-€40 per square foot and the space will offer Cat 6 cabling, modern kitchen and meeting facilities and original Georgian features throughout. Once fully let, the building is expected to deliver a Net Equivalent Yield of 6.5%.
Merrion Square is one of the largest Georgian squares in Central Dublin and over the years its townhouses have been home to many of the city’s most prominent, rich and famous residents.
Speaking last week, South Hill Capital Director, Philip Brainin said, “The Dublin office sector is set to come under significant pressure as more and more global businesses commit to the city as their post-Brexit European base. Whilst many of the big multinational firms look to take space in the new buildings that are being delivered in and around the Central Business District and Docklands, areas such as Merrion Square offer a prime, central location close to the key business districts and will appeal to many of the smaller firms. Offices in refurbished Georgian townhouses also come with all of the charm of historic Dublin, with high-end fit-outs and category 6 cabling, plus significantly better value rents.”