Esprit buys three office buildings on Lower Baggot Street

Irish investment firm paid €7.1m for modern buildings behind Georgian facade

117-119 Lower Baggot Street, Dublin: sold through joint agents Savills and Hooke & MacDonald for €7.1 million.

117-119 Lower Baggot Street, Dublin: sold through joint agents Savills and Hooke & MacDonald for €7.1 million.

 

Three modern office buildings behind a Georgian facade at 117-119 Lower Baggot Street have been bought by an private Irish investment company, Esprit Investments, for €7.1 million. The transaction will show an initial yield of 5.4 per cent.

The high-spec, four-storey, over-lower-ground-floor office block behind the traditional facade was developed in the 1990s and built by Walsh Maguire building contractors.

It extends to 1,235sq m (13,296sq ft) and includes a large reception area with adjoining meeting room, lift access to all floors, air conditioning, state of-the-art IT services and an access-controlled security system. There are10 car parking spaces at the rear.

The building currently produces a rent roll of €380,000 (equating to €26/sq ft) and is fully let, with estate agents Hooke & MacDonald occupying the lower ground floor and part hall floor. The upper levels are occupied by CBRE, Alter Domus, Opus Fund Services, Brompton Recruitment and Irish Mortgage Corporation.

Savills and Hooke & MacDonald handled the sale while agents Brown Corrigan advised Esprit Investment.