Fully let Dublin 8 office investment for €3.5m promises yield of 6%

The ongoing transformation of the Dublin 8 area and the redevelopment of the former Player Wills Bailey Gibson lands in particular should help to draw a wide range investors to the sale of Bloomfield House on the South Circular Road.

Built originally in the 1930s, the building occupies a convenient and increasingly prime location on the western side of Bloomfield Avenue close to its junction with South Circular Road, and just 750m from the Luas green line stop at Harcourt Street. The property, which comprises a detached two-storey office building of 762sq m (8,203sq ft) with 12 car-parking spaces on a 0.10 hectare (0.26 acre) site, is being offered to the market by BNP Paribas Real Estate at a guide price of €3.5 million.

Bloomfield House is occupied by two tenants, both of whom have the benefit of own-door access to their respective offices.

The ground floor and mezzanine levels of the property are let on a 10-year lease from September 1st, 2014, to established marketing agency Boys + Girls, who have extensively modernised and refurbished their offices. The annual rent, which was reviewed in 2019, equates to €160,000 per annum. This letting includes eight car-parking spaces.

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The first floor of the property is let on a five-year lease from July 1st, 2021, to mechanical and electrical building services company Delap and Waller. The annual rent, which was agreed on a stepped level, averages out at €71,250 per annum over the five years and includes three car-parking spaces. The combined rent between the two tenancies equates to €230,200 per annum, giving the purchaser an initial yield of around 6 per cent.

South Circular Road area is predominantly a long-established residential location. Quite apart from its close proximity to Dublin city centre, the area itself is home to an array of amenities including the Flyefit gym at nearby Portobello, Locks Restaurant, the Little Bird Café, ALMA, I Monelli restaurant, the South Circular Road Pharmacy and recent Michelin star awardee Bastible.

Fearghal Lynam of BNP Paribas Real Estate says: “Bloomfield House is a rare opportunity to acquire an asset within the increasingly desirable location of Dublin 8. The property benefits from an attractive and functional fit-out on the ground/mezzanine floors, while the first floor presents an asset-management opportunity to refurbish or extend.”