Gresham House Real Estate, the company led by former Treasury Holdings chief executive John Bruder, has instructed agent CBRE to find a buyer for The Grange office building at Stillorgan in south Dublin. The property, which was developed originally by Ray Grehan’s Glenkerrin Homes as part of the wider Grange apartment complex, is being offered to the market at a guide price of €8 million. The figure equates to a capital value of just €177 per square foot, which is considerably below replacement cost.
The subject property comprises a five-story, over-basement office extending to a gross internal area of 45,142sq ft, along with 82 basement car-parking spaces. The building is accessed through a double-height reception area, with two passenger lifts in the central core providing access to all floors. The office accommodation wraps around the central core on each floor, with floor plates ranging in size from 6,092sq ft to 11,168sq ft. The third and fourth floors are set back with balconies overlooking the Stillorgan Road (N11).
The building is producing an income of €552,727 per annum and is occupied by Samsung and Bayer, with the remaining accommodation available to lease through letting agents CBRE.
The Grange is about 8km south of Dublin city centre and sits in a prime location between the sought-after residential areas of Stillorgan, Foxrock, Blackrock, and Sandyford. It faces on to the N11, which offers ready access both by car and via a quality bus corridor to Dublin city centre. It is also a short drive from the Luas green line in Sandyford, the M50 motorway and the Dart station in Blackrock.
The residential element of the Grange has seen significant investment since Kennedy Wilson acquired 274 of the scheme’s 507 units along with its remaining four-acre site for €160 million in 2018. Since then, the US-headquartered real estate firm has built a further 287 apartments across six blocks at the scheme.
Commenting on the sale of the Grange office building, Zach Collis-Lee of CBRE says: “This is a fantastic opportunity to acquire a grade-A office in a strategic location on the N11 at a significant discount to replacement cost. We expect interest from a variety of investors both locally and internationally.”
