Commercial Property

More than €1.8m sought for a single-floor office in D4

Also: office opportunity on Dún Laoghaire’s West Pier; Rathgar commercial building; three Georgian houses in Leeson St sold, including former Buck Whaley’s nightclub

The commercial building at 16-18 Orwell Road, Rathgar, Dublin 6 last changed hands in 1983

Tue Apr 17 2018 - 17:30

Cushman & Wakefield is guiding €1.825 million for a single-floor office investment – offering an initial yield of 7.46 per cent – at Portview House overlooking the south docklands in Dublin 4.

The fourth floor extends to more than 505sq m (5,440sq ft) and is rented by a creative agency, In the Company of Huskies Limited, at €147,775 per annum. The rent breaks back at €262.71 per sq m (€24.40/sq ft) and €3,000 for each of the five car parking spaces. The accommodation is on a 15-year lease from July 2010, subject to a tenant break clause in June 2020.

Ciara Horgan of Cushman & Wakefield says the investment is “highly reversionary” as the current market rent is in the mid-€30s per sq ft.

Meanwhile, agent JLL is seeking €3.25 million for ownership of the fifth floor of the same building, Portview House, which is currently vacant. The 486sq m (5,240sq ft) office suite has a balcony with 360-degree views over the north and south docklands. Much of the fifth floor unit has open-plan meeting rooms as well as a conference room and kitchenette.

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Stephen Noonan of JLL said the suite will appeal to various parties as it had “the benefit of vacant possession”.

Rare opportunity at Dún Laoghaire’s West Pier

QRE is marketing a vacant fourth floor office with 728sq m (7,836sq ft) of high-quality space at Block 1 of the West Pier Business Campus in Dún Laoghaire, Co Dublin. The rare office opportunity is available by way of a sub-lease or assignment and has just under four years to run. The €196,120 rent includes 19 car parking spaces. The fully fitted offices include two boardrooms, open plan layout, 13 cell offices and a kitchen.

Rathgar building goes on sale after 35 years

Lambert Smith Hampton is seeking offers in the region of €1.1 million for a commercial building at 16-18 Orwell Road, Rathgar, Dublin 6, which will show an initial yield of more than 7 per cent. The building produces a rental of €84,000 from Kanum Thai, Richmond Estates and Art Studio. The investment last changed hands in 1983, when it was bought by two investors for €80,000. “They now feel it is the right time to sell,” says selling agent Nigel Kingston of LSH.

The former Buck Whaley’s nightclub at 67 Lower Leeson Street, Dublin has been sold by Cushman & Wakefield for €2.4 million

Third Georgian house in Leeson Street joins the sale agreed club

No sooner had buyers been found for two Georgian houses on Dublin’s Lower Leeson Street when QRE announced it had a third house for sale along the same stretch.

Ellen Prenderville of that agency is guiding €1.75 million for No 47, a 5,000sq ft, four-storey-over-basement that produces €80,300 rental income from a gym and yoga studio, office accommodation and a five-bedroom apartment.

Close by at No 67, the former Buck Whaley’s nightclub has been sold by Cushman & Wakefield for €2.4 million. It is thought likely that the purchaser, a private investor, may again use the premises as a private club. It has a gross floor area of 9,200sq ft, including office space, a two-bedroom apartment and an interconnecting mews to the rear with direct access on to Leeson’s Close.

Meanwhile, agent Knight Frank managed to top the previous sale by securing €2.45 million for No 51 on the west side of Lower Leeson Street. The house is in office use at ground, first and garden levels, with the upper floor laid out as a stylish townhouse. Refurbishment work has included recabling the offices, the introduction of smart technologies, and installing new bathrooms and kitchen.

The sale price breaks back to a capital value of €513 per sq ft.

Consultants’ suite near St Vincent’s private for €650,000

Commercial agent Agar is guiding €650,000 for a fully fitted medical consultants’ suite close to St Vincent’s Private Hospital at Elm Park in south Dublin. The suite, in immaculate condition, is the largest of the medical suites in Lowell House at Herbert Avenue, Merrion Road, Dublin 4. The suite comes with 13 car parking spaces.

Office suite on Capel Street for €670,000-plus

Melford Property is guiding in excess of €670,000 for an office suite in the Capel Building fronting on to Capel Street and Mary’s Abbey in Dublin 1. The suite extends to 128sq m (1,380sq ft) and is divided into partitioned offices, a boardroom and a reception area. The investment also includes two car parking spaces. Capel Building houses a wide variety of legal and other professional practices and commercial occupiers.