€4m-plus sought for office building next to Christ Church

Savills is seeking more than €4 million for an 18-year-old office building at No 1 High Street, Dublin 8, which will show a net initial yield of 5.7 per cent.

The agency is advising interested parties that the rental income of €247,344 “has the potential” to increase to more than €450,000 if the building undergoes what it describes as a “light refurbishment”. Should the higher rent roll materialise, the return on the investment will move out to almost 9 per cent.

The four-storey over-basement building is located next to Christ Church Cathedral in one of Dublin's most vibrant commercial, residential and leisure districts. It is a short distance from Temple Bar, Grafton Street and the fast changing College Green, where the former Central Bank complex is being converted into a range of shops, restaurants, offices and leisure facilities.

No 1 High Street has a floor area of 1,331sq m (14,323sq ft), with an external car park for eight cars. The building has an attractive reception area on the ground floor and a rooftop terrace on the third floor. The various floors offer a mix of open-plan and cellular accommodation, with raised access floors and suspended ceilings.

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Considerable interest

The block is fully occupied by two tenants, Trilogy Technologies and Mindshare, on rolling agreements at a total rent of €247,344, which equates to about €172 per sq m (€16 per sq ft).

David O’Malley of Savills called the sale a good opportunity to acquire an office building with a variety of asset management and value-add initiatives in a very central location.

“We expect considerable interest in this sale from a mix of private investors and potential owner-occupiers. The office market has continued to perform strongly both in terms of sales and lettings. Despite record levels of take-up across Dublin in 2017, demand has replenished in 2018 with take-up levels in Q1 2018 continuing where they left off in 2017.”

High Street has traditionally been a centre for the legal profession because of its close proximity to the Four Courts. That has also changed in recent years following the development of the Digital Hub and other internet services, as well as the much increased popularity of the Guinness Storehouse with tourists.