Dublin 14 office block sells €100k above guide for €4.5m
At more than 10,000sq ft, 8 Richview Office Park earns combined yearly rent of €127,250
Richview Office Park in Dublin 14 is let to Liberty Mortgage Corporation on a 25-year lease
An office block at 8 Richview Office Park, Dublin 14, has been sold for €4.5 million – €100,000 above the guide price set by Cushman & Wakefield. The new owner will earn a return of about 7.9 per cent.
The building comes with 32 surface car parking spaces and a weighted average lease period of more than five years. The three-storey building has a net internal area of more than 994sq m (10,708sq ft) and is let to Liberty Mortgage Corporation on a 25-year lease from July 2007, at a rent of €365,350.
Jane Dolan of Cushman & Wakefield, who handled the sale on behalf of Gannon Properties, has also secured €1.95 million for Castle House, Rathfarnham, which has five tenancies with more than eight years to run. The Gannon tenants are Permanent TSB, Corporate Underwriting Ltd, Insights Group Ltd, Enigma Grill and a residential unit. The combined annual rent is €127,250.
PTSB occupies the ground floor retail unit and has been based there since 1996. The company recently renewed its lease for a further 15 years with a break in year 10. Its current rent is €53,500. The Enigma Grill trades from the lower ground floor. The purpose-built block dates from the 1990s and has an overall floor area of over 834sq m (8,985sq ft).