Dún Laoghaire office suites sell for €2.85m

A Dublin investor has bought nine office suites in Adelphi House on George’s Street, Dún Laoghaire, Co Dublin for €2.85 million – €100,000 above the guide price set by selling agent QRE Real Estate Advisers.

Seven of the suites sold on behalf of Hibernia REIT are occupied and producing a rent roll of €215,000 and, with two remaining units under offer, the rent is set to rise to close to €260,000. The overall return will be over 8 per cent once the new lettings are in place.

The nine suites range in size from 117 to 320sq m (1,259 3,455sq ft) and, with the exception of one of the office suites, all are on the first and second floors.

They cover an overall area of 1,453sq m (15,650sq ft) and come with 12 basement car-parking spaces. The tenants include Global Medics Ireland, Belgrove Homes, Coface Services, Eurotext Translations, Profitero Ltd, PLR Worldwide and File Tiles.

Adelphi House was developed as a mixed-use office, apartment and retail complex in 2008 by Dorville Homes and was purchased as part of a larger loan portfolio by Hibernia REIT in 2014. Most of the 11 unsold apartments have since found buyers and two retail units have been resold to Leonardo Coffee.