OfficeInvestment: The first commercial property investment to hit the market in Dublin this year - an office investment at 22/23 Eden Quay in the city centre - is expected to attract considerable attention when it goes to tender on February 22nd.
Agent Finnegan Menton is quoting an advised minimum value of €3.7 million for the investment which would reflect an initial net yield of 4.6 per cent.
The two fully interlinked buildings have a floor area of 635sq m (6,835sq ft) with three car-parking spaces to the rear.
The buildings are let on a 25-year lease from 1999 at a rent of €190,000 per annum.
The tenant, Custom House Administration & Corporate Services, has a break option in 2014 with a one-year rental payment as a penalty.
The company, which also occupies two adjoining buildings, is a long established fund manager with responsibility for €11.6 billion.
It was established in 1989 and has 80 employees in Dublin.
The two buildings are in an area which has seen a number of major improvements in recent years, including the building of the board walk along the River Liffey and the redevelopment of a former cinema at Eden Quay.
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