An aerial view shows the footprint of number 90-91 and its prime location at St Stephen's Green in Dublin 2Having failed to find a buyer when it was offered for sale for €27 million during the Covid-19 pandemic in October 2020, number 90-91 St Stephen’s Green has returned to the market through agent CBRE at a new and lower guide price of €18 million. The sum being sought on this occasion represents a significant discount of 33.3 per cent and reflects a capital value of €677 per square foot.
The property, in a prime position overlooking St Stephen’s Green to the front and Iveagh Gardens to the rear, comprises a four-storey over-basement office building extending to 2,470sq m and distributed over-average floor plates of 493sq m . The central location of the building’s core allows for the floor plates to be split if required, providing flexibility for a landlord when marketing the offices. The building has 25 on-site car spaces at lower ground-floor level, with direct access off St Stephen’s Green, equating to a generous car park ratio of about 1:100sq m of office accommodation compared with the modern city centre provision of 1:400sq m.
The building is fully let to Standard Life on a 10-year FRI lease from September 15th, 2011. The tenant extended their lease to September 2024 and the current passing rent is €1,100,000 annually, or €41 per square foot. Should a sale proceed at the €18 million guide price, the new owner would be in line for a net initial yield of 5.56 per cent.