Clanwilliam offices near canal for €23m

Another office building is to be offered for sale at Clanwilliam Place in Dublin 2.

Joint agents Murphy Mulhall and Lisney are seeking offers above €23 million for Marine House which is fully let and brings in €1,116,000 in rent.

James Nugent of Lisney believes that the passing rent could be significantly increased because there are lease renewals and rent reviews "due over the next while".

Recent letting evidence would demonstrate that the market rent for the building was somewhere in excess of €1.8 million, he said.

Marine House extends to 3,821 s m (41,132 sq ft) and is occupied by tenants Crowe Horwath, WK Nowlan, Waterman Moylan and Ellucian IT. There are 91 underground car spaces.

Marine House forms part of Clanwilliam Court, a mix of six office buildings and one residential block which was developed in the 1970s by Clancourt and subsequently sold to private investors.

In recent years London & Regional have bought and refurbished blocks 1 and 2 while a joint venture between Hardwicke and Ardstone is in the process of demolishing Kestrel House and replacing it with a new seven-storey 4,737 sq m (51,000 sq ft) office building.

Block 7 has recently undergone a complete refurbishment by Aviva who had no difficulty in leasing out most of the accommodation at rents of around €452 per sq m (€42 per sq ft).

Robert Murphy of Murphy Mulhall said Marine House would appeal to a wide range of buyers because of the options open to them.

There is potential to completely redevelop the building to provide considerably larger accommodation. On the other hand, he said, there was an obvious upside to the deal by actively managing the property and perhaps adding additional floors. The €23 million asking price works out at €6,027 a sq m or €560 per sq ft