DescriptionNo. 127 is an impressive period building which will suit either investor or owner occupier. This mid-terrace building is a 4 storey over basement property and was once the well-known ‘Joys’ nightclub. The building extends to an overall floor area of c.393.3 sq.m. (c.4,235 sq.ft.) with a self-contained nightclub / restaurant at basement level which was extended and now offers c.137 sq.m. (1,470 sq.ft.) of accommodation and a rear garden patio area of c.44.5 sq.m. (480 sq.ft.). The nightclub which was previously ‘Joys’ and more recently ‘Bronze’, has the benefit of vacant possession.
The upper floors at Hall, First, Second and Third Floor levels are in office use and are currently set out in 11 individual office suites which are let as semi serviced offices on short term license agreements, currently producing c.€109,000 per annum gross with one room vacant. Including the basement the Estimated Rental Income when fully let would be in the region of €150,000-€160,000 per annum (net).
Vacant Possession of the entire building is available if required and offers the potential to extend the night club use with the conversion of part or all of the upper floors to a restaurant/bar/club venue, subject to planning.
Internally the property is of typical period layout with well-proportioned rooms having high ceilings at Hall and 1st floor levels and large sash windows that allow natural light flow throughout the property. Many of the original features are still present, including fireplaces and decorative plasterwork. An external stairs provides separate access to the basement level from street with the main entrance door at Hall level providing access to the upper floor offices. To the rear is a shared car park with exclusive use of 3 designated car parking spaces, accessed via an agreed right of way from Pembroke Lane.
127 Lower Baggot Street occupies a prime location approx. 350m from St Stephen’s Green in the very heart of the City Centre. The area has an abundance of first class hotels and restaurants reflecting its prime location including the Merrion Hotel and Shelbourne Hotel and restaurants including Patrick Guilbauds, Ely Wine Bar, Bang, Pearl Brasserie and Hugos.
The area is well served by public transport with the Luas Green Line terminus at St Stephen’s Green, the Cross City Luas Line on St Stephen’s Green, the DART at Pearse Street and numerous Dublin Bus routes close by.
Basement: currently vacant (previously let at €55,000 p.a.).
Offices: 10 of the 11 office suites are let as semi-serviced offices currently producing €119,424 per annum gross (temporarily reduced to equivalent of c€89,000 pa during Level 5 lockdown) with one vacant office (ERV including vacant room c€125,000 pa). Allowing for outgoings and utilities the net income is c.€80,000 per annum (which would be expected to increase to c.€105,000 when vacant office is let). Tenancy Schedule available on request.
Projected Income, when fully let:- c.€150,000 - €160,000 pa net.
Vacant Possession of the entire is available if required.
Approx. Floor Areas:- Gross / Net sq.m. sq.ft.
Basement Nightclub/Restaurant Gross 136.7 1,470 (plus cloakroom & toilets 10.0 sq.m.)
Hall Floor Offices Net 50.6 545
First Floor Offices Net 85.8 925
Second Floor Offices Net 52.8 570
Third Floor Offices Net 67.4 725
TOTAL 393.3 4,235
Outside: Rear Patio/Smoking Area 44.5 480
3 car parking spaces
Note: The property has been measured on a Net Internal Floor Area basis on the upper office floors and a Gross Internal Area basis on the nightclub / restaurant at basement level in accordance with the code of measurement. All intended purchasers are specifically advised to verify the floor areas and undertake their own due diligence.
PLANNING & LICENSES:
The property has the benefit of established nightclub / restaurant use at basement level and had (until recently) a Wine Retailers On-License, a Publican’s License (Ordinary) Theatre, a Dance License and a Music and Singing License. The property is listed as a Protected Structure.
TITLE: Freehold. There is a license agreement for access to rear car parking spaces.
PRICE: Quoting €2,200,000 (subject to contract)
BER: Exempt (protected structure)
Viewing DetailsBy appointment only
Contact: Nicholas Corson or David Rowe on 01 614 7900