D4 office investment guiding €2m

An office investment in an impressive waterfront setting overlooking the river Liffey opposite the 3 Arena in Dublin 4 comes on the market today through the Lisney agency.

Maria Lennon of Lisney is guiding €2 million for the investment, part of the first floor of Portview House and three underground car-parking spaces at Thorncastle Street, Dublin 4.

The floor area extending to over 360sq m (3,875sq ft) is let to Strategem and Cybercom on a single lease for 21 years from 2004 at a passing rent of €150,000 per annum.

This will allow the purchaser to avail of a net initial yield of 7.2 per cent. There is an unexpired lease term of nine years remaining on the lease with no break options. The next rent review is due in October 2022.

Strategem is a successful content and data advertising agency with national and international clients.

Portview House was developed in 2008 in what is now an evolving commercial hub with a range of new office developments due to be completed shortly on North Wall Quay and Sir John Rogerson’s Quay, just north and west, respectively of the office block.

Lisney said that with prime rents heading for €60 per sq ft the location of Portview House allows the tenants to enjoy most of the benefits of the south docks at a reduced cost.

The agency said the investment offered private investors an opportunity to buy a well let office investment for a similar lot size to a Dublin 2 Georgian house. Investors would be drawn by the capital value of €515per sq ft and the single lease to an established tenant with an unexpired lease term of over nine years.