Commercial Property

Tallaght office/retail investment on offer for €5.8m

Tuansgate office building and retail unit have combined floor space of 3,680sq m

CBRE is handling the sale of 1 and 6 Tuansgate, which includes a modern office building and a retail unit

Wed Apr 26 2017 - 06:00

A modern office and retail building producing strong rents in the centre of Tallaght, Co Dublin, goes on sale from Wednesday at €5.8 million-plus.

CBRE is handling the sale of 1 and 6 Tuansgate, which includes a modern office building and a retail unit with a combined floor space of almost 3,680sq m (39,610sq ft). By way of bonus, the sale also includes 105 parking spaces in a neighbouring multistorey car park. The overall asset produces an annual rental income of €520,672.

The office element extends to more than 3,373sq m (36,314sq ft), and is fully occupied by the DDLETB (Dublin and Dún Laoghaire Education and Training Board), formerly the VEC, and Tetra Pak, a multinational food packaging and processing company. More than 80 per cent of the space is occupied by DDLETB under three leases, with a weighted average lease term to run over eight years.

The 306sq m (3,296sq ft) retail unit is rented by Royal Foods (Ireland), trading as Spice Bazaar, an Asian grocery retailer, on a nine years and nine months lease from 2014.

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The overall selling price of the building works out to €146/sq ft. The investment will show a net initial yield of 8.59 per cent.

Sandra Walsh of CBRE described the investment as an “excellent opportunity to acquire a high-profile suburban asset which boasts a long, secure income profile”.

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