Baggot St office block selling for €7.35m

A modern office complex behind a Georgian facade at 117-119 Lower Baggot Street, Dublin 2, is expected to attract considerable interest when it goes on the market today through joint agents Savills and Hooke & MacDonald.

A guide price of €7.35 million has been set for the office investment, which will appeal mainly to Irish investors because of its location and reversionary yield of 7.06 per cent.

The impressive block on Lower Baggot Street is the quintessential Dublin office address perfectly positioned towards the St Stephen's Green end of the street next to a range of Government services as well as the city's premium shopping areas and a range of entertainment facilities, including the Shelbourne Hotel.

The 1990s building which is behind the prestigious Georgian setting stands four storey over basement with a large reception area adjoining meeting rooms, lift access to all floors, air conditioning, state-of-the-art IT services and a tight security system. The building was refurbished in 2003. It has an internal area of 1,235sq m (13,296sq ft) and on site parking for 10 cars.

Rent roll

The building is producing a rental income of €385,185 and is fully occupied with the exception of one suite, which is under negotiation. Hooke & MacDonald occupies the lower ground floor and part of the hall floor while the upper floors are rented by CBRE, Alter Domus, Brompton Recruitment and Irish Mortgage Corporation.

The joint selling agents say the rental income is below current market values and, given the increased market rents in recent times, there was undoubtedly excellent potential for “substantial rental growth at upcoming reviews,” particularly taking into account the strategic location and excellent accommodation.