Oakmount, led by Paddy McKillen Jr., has sold a fully let mixed-use building in Dublin City for around €13.4m. That’s a discount of about 1.3 million euros on the asking price of 14.75 million euros.
r McKillen Jr.’s hospitality business, the Press-Up Group, operates John’s Bar & Haberdashery on the ground floor of the property, Sixty One Thomas Street, Dublin 8.
Adjacent to the Vicar Street music venue and across from the National College of Art and Design, the 16,614 sq ft property also includes four fully leased floors of prime office space and generates a total annual rent of €810,228.
Tenants include Lumen Technologies, Digitize New Media and McCann Advertising, and WAULT lease terms average approximately seven years.
It also offers its tenants secure underground parking and bicycle parking spaces.
Part of the building dates back to the 16th Century when it was one of Dublin’s finest purpose built inns, The Golden Last. With McKillen’s penchant for repurposing historic buildings, Oakmount’s redevelopment included preserving the substance of the original building as well as documenting 4,000 artifacts uncovered during an archaeological dig. These artifacts are now in the National Museum.
As a result, it was awarded Highly Commended in the 2021 RIAI Architecture Awards in the Adaptation and Re-Use category.
Knight Frank acted for the seller and Lisney for the buyer.
Among other things, office tenants are impressed by the steel frame with a concrete core, which ensures efficient column-free floor slabs. The frame recedes from the fifth floor to create a penthouse outdoor terrace at the edge of the building, offering panoramic views of the surrounding cityscape and beyond.
Thomas Street forms part of an important tourist route running from Trinity College to Temple Bar, Christ Church Cathedral, the Guinness Storehouse, a number of local distilleries and the Royal Hospital Kilmainham with its Museum of Modern Art and Kilmainham Gaol.
It is also in the historic Liberties district with a population of approximately 23,000 people, many of whom live in newly built student housing. With another 3,000 homes in the pipeline, population growth is expected.
https://www.independent.ie/business/commercial-property/paddy-mckillen-jrs-oakmount-sells-thomas-st-building-for-over-13m-42059002.html Paddy McKillen Jr.’s Oakmount is selling the Thomas Street building for over 13 million euros