Ryanair is to sell its former headquarters, a 1980s office block overlooking the Phoenix Park at Conyngham Road, Dublin 8, three years after acquiring a new building at Airside Business Park close to Dublin Airport.
Robert Murphy of agents Murphy Mulhall is seeking offers over €10 million for Phoenix House which is partially rented by the Office of Public Works.
It occupies a prominent position backing on to the river Liffey and is within a few hundred yards of the entrance to the Phoenix Park. It is also located within a five-minute walk to several significant transportation nodes including the Red Line Luas service, Heuston Station and several Dublin Bus routes.
The five-storey over basement block has a floor area of 3,529sq m (37,986sq ft), of which the second and third levels are leased to the OPW at a rent of €365,000 per annum. The lease has another eight years to run. The remaining three vacant floors are in need of some upgrading but could be subdivided because of their regular-shaped floorplates.
Murphy Mulhall says that recent letting evidence in the area would suggest that if refurbished the building could be rented at €269 per sq m (€25 per sq ft) or over €950,000 for the entire block. The availability of 70 car-parking spaces at basement level puts it well ahead of similar parking ratios in most suburban offices.
The office building is located in an area zoned “residential” in the current Dublin City Development Plan and adjoins two substantial residential developments: Phoenix Park View and Riverpark.
On the opposite side of the river, Kennedy Wilson is building more apartments on the partially developed Clancy Quay.
Robert Murphy says there was obvious redevelopment potential for more offices or for a significant residential scheme on the site of Phoenix House.