CoStar UK magazine, one of the leading news sources for commercial property in the UK , featured South Hill Capital, in a recent article regarding their refurbishment of a prime Georgian property on Merrion Square…
28 July 2017 | 01.46 pm
South Hill Capital wins Dublin planning
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 sq ft of high end office space.
Spread over six floors, with floor plates of between 1,000-2,000 sq ft per floor, the property is expected to appeal to small and medium sized professional firms and will be marketed by Bannon, with availability from Q1 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%.
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.
Merrion Square is one of the largest Georgian squares in the heart on Central Dublin and over the years its townhouses have been home to many of the city’s most prominent, rich and famous residents.
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.”