EastPoint offices selling for €2.55m

JACK FAGAN An office block in EastPoint Business Park, north of the Docklands, is selling for just €100 a sq ft

ONE OF the first office blocks at EastPoint Business Park in Dublin 3 to be offered for sale in recent years goes on the market today at a heavily discounted price.

Joint agents Savills and Colliers International are seeking €2.55 million for the 10-year-old building, a price that equates to a mere €100 a sq ft (€1,076 a sq m) including parking spaces.

The three-storey self-contained detached building, known as Block W, is on the west side of the park and has a gross internal area of 2,221sq m (24,000sq ft).

It is fully fitted out and has air conditioning, raised access floors, suspended ceilings, light fittings, partitioned offices and meeting rooms. There are 35 car parking spaces around the block.

The selling agents suggest the block should appeal to owner occupiers, investors or companies that want to occupy part of the space and let out the remainder. There may also be potential to provide additional accommodation on site.

Investors could expect to rent the building at around €107 a sq m (€10 a sq ft) and, with car spaces likely to make an additional €1,000 a year, the investment could show an initial yield of 10 per cent.

The joint agents say that the existing debt provider on the property has indicated a willingness to provide a loan facility to appropriate purchasers. The building is ready for immediate occupation even down to having desks fitted. “This is a fantastic opportunity to pick up a modern office block in one of Dublins premier business parks at an exceptional price.”

EastPoint is, indeed, one of the most accessible business locations in the city. It is beside the Dublin Port Tunnel which means it is only 10 minutes’ drive from the M50 and 15 minutes drive from Dublin Airport. The building is also within walking distance of of Clontarf Dart station and the Docklands rail station.

More than 11,000 sq m of office space was let in the park last year to companies including Google, Yahoo, Ergo and Pacemetrics.

Other notable tenants include Quintiles, Oracle and Sun Microsystems.