Commercial Property

Two Leopardstown blocks priced in excess of €20m offer 6.5% yield

Fully let blocks occupy secluded site in South County Business Park in Dublin 18

Accenture House and Whelan House occupy a secluded site to the rear of South County Business Park in Dublin 18.

Justin Comiskey
Tue Sep 19 2017 - 16:45

Two fully let blocks at South County Business Park in Dublin 18 are on the market at more than €20 million through Savills. This price would represent a net initial yield of 6.5 per cent.

Accenture House and Whelan House occupy a secluded site to the rear of the park with extensive green and wooded areas.

The former is a detached three-storey office block of 2,257.6sq m (24,300sq ft) with 89 car-parking spaces. It was built in 1996 and is fully let to Accenture at €460,000 per annum. There is a break option on the lease in 4.4 years’ time and 9.4 years left to lease expiry.

Whelan House, also a modern detached three-storey office building, extends to about 4,752sq m (51,150sq ft) and comes with 132 car-parking spaces. It is let to six tenants with a weighted average unexpired lease term of 3.25 years and generates a rent roll of €900,000. Tenants include Keywords International and Silicon and Software Systems.

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South County Business Park in Leopardstown is adjacent to Sandyford Office and Industrial Park and Central Park in what is probably the best suburban office location in the capital.

Microsoft, for example, has been steadily expanding within the park and is close to completing a new 34,500sq m (371,355sq ft) campus near the two blocks for sale. Other occupiers in the park include Icon and SSE Airtricity.

South County is near junction 15 on the M50 and within a short walk of the Central Park Luas stop.

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