€1.6m for fully-let four-storey IFSC block

With the investment market for smaller lot sizes humming at the moment, agent Knight Frank should have no difficulty in finding a buyer for a modern, fully let office investment in Dublin's International Financial Services Centre.

Adrian Truick of the agency is quoting €1.6 million for 1 Exchange Place, a four-storey office building with an overall floor area of 344sq m (3,710sq ft) and three car-parking spaces.

It is let to four tenants, including HSG Zander, Porche Financial Management Services and Lufthansa at an overall rent of €117, 285 per annum. While the average unexpired lease terms works out at 6.5 years, the leases to HSG Zander (with a rent of €41,000) and Porsche (€39,285) have unexpired terms of 8.45 years.

The end-of-terrace office building forms part of Exchange Place, where there are 10 units.

It is located in the heart of the IFSC, adjoining the CHQ retail mall and the IFSC multi-storey car park. It also adjoins the George’s Dock Luas stop.

The high-spec finish includes suspended ceilings, perimeter trunking and category five cabling. Each floor has toilets and a kitchenette.

At a €1.6 million selling price, the investment will show a return of 7.25 per cent.