Published Date: 23/11/2021
The sale of 127 Lower Baggot Street in Dublin 2 might leave some readers reminiscing about late-night revelling at Joy's Nite Club, as the venue is now facing the music, so to speak.
The Georgian building was for many years the much loved venue for a late, late drink and 1970s music nights. It has just been brought to the market by Finnegan Menton, quoting €2 million.
The Freehold five- storey Georgian commercial premises which has been extended at basement level to provide an open plan nightclub / restaurant premises spanning some c.137 square meters, and comes with an outdoor patio garden.
The upper floors have operated for the last ten years as semi-serviced offices with 11 office suites and a boardroom. Nine of the office suites are currently let on annual license agreements producing €107,500 per annum with two rooms vacant.
When fully let the building will provide a net income after costs of about €155,000 per annum.
There has been a number of parties who have sought to lease the basement as a restaurant or late bar which would be expected to rent for €50,000 - €55,000 per annum.
The freehold interest in the building together with rear car parking area is for sale by private treaty. The €2 million asking price gives the property the potential to generate a net return of some 7 per cent or so.
The property would be of interest to both investors and owner occupiers. The Nightclub could alternatively be converted (subject to planning) to open plan office use although it seems most likely to the agent that the former Joy's could once more be the go-to late-night bar or latest trendy eatery in Dublin 2.
The location is part of Dublin's Georgian Quarter situated between Merrion Square, Fitzwilliam Square and St Stephen's Green. The building is on the south side of Baggot Street Lower, just four doors from the junction with Pembroke Street.
Built in about 1800, the former townhouse as a traditional redbrick front elevation, with an attractive front door with spoked fanlight and slender sidelights. Many of the original features are intact throughout the building.
The building extends to a total floor area of about 393.3 square meters. The garden patio has an area of about 45 square meters, and the building comes with three car park spaces.
More details area available from Finnegan Menton, Director, Nicholas Corson at 01-6147900.
Tina-Maria O'Neill, Property Editor, Sunday Business Post.