Temple Bar sale reflects demand for over-the-shop residential conversions

Estate agent Colliers has completed the sale of the eight-storey mixed-use building, 48 Fleet Street, for a figure exceeding its €3.25m guide price. It is believed that the purchaser intends to apply for a change of use of its office floors to residential apartments as he has experience of similar conversions.

The building is located near the Westmoreland St entrance to Temple Bar. Mr Wallace also developed apartments at Connolly House, Temple Bar, in conjunction with the Communist Party of Ireland which in turn received a revamped Connolly Bookshop and New Theatre.

Niall Delmar of Colliers, who handled the sale, said he was pleasantly surprised to find that about two out of every three offers he received were from prospective purchasers who wished to convert the upstairs floors to residential. The ground and basement levels are currently leased to tourist retailer Carrolls Irish Gifts Unlimited until 2033, generating €60,000 per annum. Some of the office space is also generating income.

The purchaser, a private investor/developer, was represented by Brian Gaffney of Murphy Mulhall.

You can read the full article in the Independent