€2.85 million sought for East Point block
A 10-year-old vacant office block at East Point Business Park in the Dublin docklands is to be offered for sale on the instructions of receiver George Maloney of Baker Tilly Ryan Glennon. Funding had been provided by the UK-based Lloyds Banking Group.
Michael Healy of Savills is quoting €2.85 million for Gilde House, a 2,920sq m (31,430sq ft) building, equating to about €90 per sq ft including 70 surface car parking spaces.
The property is fully fitted with air conditioning, raised access floors, data cabling, suspended ceilings and meeting rooms.
The selling agents say the block will be of interest to owner-occupiers, investors or companies requiring part of the available space with the option to lease the remainder.
If a purchaser does not emerge, Savills will proceed to rent the building at €107 per sq m (€10 per sq ft) and €900 for car parking spaces.
Office lettings in East Point have been stronger this year than in many parks on the outskirts of the city largely because of the attractive rents and the convenient location within a range of transport facilities.
About 9,000 sq m (96,874 sq ft) of space was let so far in 2012 to companies including Google, Arvato, Chase Paymentech and ICAP.
Gilde House was previously occupied by Arvata which moved to a larger building in the park to accommodate extra staff.
Another rental building, known as Block R and extending to 4,000sq m (43,055sq ft) is reported to be under offer from an overseas company.