An office investment showing a particularly high return comes on the market today when agent JLL begins marketing the top floor of an office block at Foley Street, close to Connolly railway station, in Dublin city centre.
Jacqueline Fitzpatrick of JLL is guiding €1.12 million for the 609sq m (6,561sq ft) in Ulysses House which will give a purchaser a return of 17.15 per cent. The sale includes two car-parking spaces. The four other floors in the building are in separate ownership. The high yield on offer reflects the fact that the office space is slightly over rented at €315 per sq m (€29.34 per sq ft), including the car-parking spaces.
The top floor is let to Kennedy Solicitors at a rent of €192,500 per annum. A tenant break option on June 1st, 2016, is subject to nine months notice and four months rent penalty, service charge and rates payment. Kennedys Solicitors operate as the Dublin office of the international law firm, Kennedys Law LLP, a UK registered limited liability partnership which had an end of year turnover to April, 2013, of £110.7 million.
The company’s office accommodation in Ulysses House has been fitted out to a high standard by the tenant and includes raised access floors, suspended ceilings, recessed lighting and air conditioning. The floor is serviced by an eight passenger lift.