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.
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.