Eastpoint block sells for €4.95m

A modern three-storey office building in Eastpoint Business Park in Dublin 3 has been sold to a private investor

for €4.95 million – the equivalent of €187 per sq ft.

The 2,461sq m (26,500sq ft) Block G is producing a rent of €160,500 per annum but since being offered for sale Red C, the political pollster, has agreed to lease the ground floor area of 801sq m (8,632sq ft) and 15 car parking spaces.

Misys, a financial services software company, is paying a rent of €75,500 per annum for the first floor under a seven-year lease with a break option in 2017 subject to a financial penalty.

Second floor

The second floor is occupied by Activision, an American video games publishing company, under a 10-year lease from 2011 with break options in years five and seven.

Michele McGarry of Colliers International, who handled the sale, said Eastpoint's strategic location within 10 minutes' drive of the city centre was a large part of its success.

She said the investment attracted strong interest after achieving a 30 per cent rental growth in the last 18 months.

Robert McGreal of Capital Assets acted for the purchaser.