Having struggled to secure tenants prior to the unwelcome arrival of the Covid-19 pandemic, the sale of Donnybrook House in Dublin 4 will be watched closely.
Acquired by British property developer U+I and US-headquartered investor Colony Capital for around €10 million in 2014, the former AIB computer services centre has since been redeveloped into a five-storey office building extending to approximately 66,525sq ft. The property is being offered to the market at a guide price of €27 million by agent Savills on behalf of the receiver, Kieran Wallace of KPMG.
Donnybrook House underwent an extensive refurbishment in 2018. The redesign and reconfiguration of the property by architects Henry J Lyons saw it being transformed from a tired and outdated bank building into a modern mixed-use investment comprising 45,000sq ft of office space over four floors, along with accommodation for a 4,000sq ft restaurant, 2,000sq ft café and 18,000sq ft of gym facilities, and underground parking.
DBH, as it is now known, comes for sale with the benefit of an existing rent roll of €680,000 per annum derived from a number of tenants including Mark Anthony Brands, Irish housebuilder D|D|RES Properties, and Raw Gyms.
The vacant space in the building is predominantly offices. The ground floor meanwhile provides for separate café and restaurant units.
Sean Ryan McCaffrey of Savills says: “Donnybrook House presents a unique and attractive offering for investors – a building complete to the highest standard, with a strong existing tenant line-up and excellent asset management potential on the flexible vacant space. Our leasing team are seeing strong levels of interest on both the vacant office and retail space and expect this to only increase with the gradual reduction of Covid-19 restrictions.”
Donnybrook and the wider Dublin 4 area is well known for its amenities including cafes, restaurants and the 32-acre Herbert Park which is on the doorstep of Donnybrook House itself.