Full Description

Montague Court

Opportunity to acquire Unique Redevelopment Opportunity just off St Stephens Green

HWBC are expecting strong interest in Montague Court, an office building situated on Montague Street just off Harcourt Street and next to St Stephen’s Green. This is a prime city center location, highly accessible by private or public transport, in particular LUAS with stops equidistant on Harcourt Street or St Stephens Green.

Montague Court is an early second generation modern office building. Completed c.1973 and refurbished c.1999/2000 it extends to about 2,500SqM (27,000sqft). The offices are laid out over 3 floors over double height reception with car parking at ground level. The office block is effectively set on stilts. There’s also a small mews building within the grounds of the property.

The property is fully let and occupied producing a rental income of approximately €1.25Mpa from a strong tenant line up comprising (i) Department of Children, Equality, Disability, Integration and Youth, (ii) Legal Aid Board and (iii) Romeril Forensic Engineers. Significantly all leases are set to expire next year on 31st May 2025.

Formerly known as Bell House, Montague Court was originally developed by Hardwicke and is now over 50 years old. It occupies a site area of approximately 0.1927Ha ((0.476 acres) of which 0.0354Ha (0.087 acres) is in charge) and is materially underdeveloped reflecting its age. The building has already been refurbished to modernize it c.1999/2000. However, the building no longer meets contemporary office occupier requirements in particular from a sustainability and energy efficiency perspective. In this regard the buildings BER rating is E1. Tenant demand being for sustainable A rated buildings.

The sites potential is not being maximized and the property is ripe for redevelopment. The central nature of the location renders it ideally suited to any number of uses, including student accommodation, hotel or offices.

Development Potential

Located in Zone Z5 – City Centre, this permits a wide range of uses including Office, Hotel, Student Accommodation, Medical and related consultants and Tourist Hostel amongst others. Feasibility studies by RKD Architects have identified significant development potential for a new 8 storey over basement office building of about 9,600sqM (103,000sqft) GIA or alternatively a new 133 bedroom hotel or indeed a purpose built 154 unit student accommodation block all subject to planning permission. They have also looked at refurb and extend options.  This is an excellent opportunity to purchase this substantial asset/site with secure short-term income and significant development potential in a prime city location.

The property is located on Montague Street which links Harcourt Street with Camden Street and accessed off Montague Lane. This is a prime Dublin 2 location and surrounded by a vibrant mix of retail, hospitality, leisure and culinary amenities in the Camden Street / Wexford Street area. This area has witnessed substantial renewal and development in recent years including the nearby Wythe Building and the Greenside Building a new 10 story office building under construction on Cuffe Street.

Montague Court is being offered for sale by private treaty with a guide price of €13M subject to contract/contract denied. For further information contact Kieran Curtin, Jenny Prunty, Paul Scannell or Joe Bohan at HWBC.