Fully-let office building in Dundrum for €1.25

A small multi-unit office investment just off the main street in Dundrum village is fresh to the market this week. Jane Dolan of DTZ Sherry FitzGerald is quoting €1.25 million for Taney Hall, which is fully let and producing a rent roll of €120,854. Should it sell at this price, investors will be able to bank a net initial yield of 9.25 per cent.

Lease terms at Taney Hall range from four years and nine months to 26 years but the average unexpired lease term remaining across all tenants is 3.91 years. Minerex Environmental has the longest lease term, 26 years from December 2001 with no break option, while the rest of the leases run from 2010 to 2013.

The tenant mix includes Pluto Communications, Eastern Data Group, Corrib Ship Management, Brace- grade, Minerex Environmental, Chartered Corporate Services and Corrib Ship Management.

Taney Hall has three storeys and extends to 608sq m (6,545sq ft). There are 25 surface parking spaces of which 22 are subject to this sale.