Blackrock serviced office suites for €1m

Sales agent DTZ Sherry FitzGerald is seeking offers in excess of €1 million for an office investment in Blackrock, Co Dublin, showing a net initial return of 7.75 per cent.

The two-storey period building on the western side of Carysfort Avenue at its junction with Anglesea Avenue extends to 482sq m (5,188sq ft) and is in particularly good decorative order.

Currently in use as a serviced office, it is laid out as 26 individual office suites and is leased to Cleardawn Ltd, a serviced office operator, on a 10-year lease from 2014 at a rent of €81,000 per annum. There is a surface car park for 12 cars.

Clive Roche of DTZ said the quoting price reflected a capital value of just under €193 per sq ft, well below residential prices being achieved in the area. Long term, the property may offer development potential subject to planning.