Fully-let Dublin city office centre investment for €2.55m

Sale of third floor at Ulysses House on Foley Street offers buyer 6.5% net initial yield

Ulysses House on Foley Street is  just a short walk from both the IFSC and O’Connell Street in Dublin city centre.

Ulysses House on Foley Street is just a short walk from both the IFSC and O’Connell Street in Dublin city centre.

 

Agent Colliers is guiding a price of €2.55 million for a fully let office investment in Dublin city centre.

The sale of the third floor of Ulysses House on Foley Street offers the prospective purchaser the opportunity to secure long-term rental income from a strong tenant in a well-established location.

The subject property is fully let to Moore, a leading accountancy and advisory services firm, on a 15-year lease from January 2016, at a passing rent of €182,500 per annum. The guide price reflects a net initial yield of 6.5 per cent.

Moore Ireland is the ninth-largest auditing and accounting firm in Ireland. Established in 1970, the company employs 130 people in Ireland with offices in Dublin and Cork. Moore is part of a worldwide network of more than 30,000 professionals with over 600 offices in 110 countries

The third floor of Ulysses House comprises a modern open-plan floor plate of 627sq m (6,750sq ft) accessed via an eight-person passenger lift. The offices are laid out to provide for a mix of open plan and cellular offices, boardroom space, kitchenette, WCs and shower facilities.

Other occupiers in the building include the Dublin College of Advanced Studies (DCAS), the BSC Dublin School of English, Tearfund Ireland, Innovista Ireland, RF Property Management and Carole Nash Insurance Consultants.

Ulysses House is located on Foley Street in Dublin 1, and within a short walk of the IFSC, the north docklands, Henry Street and O’Connell Street. In terms of public transport, the property is well served thanks to its proximity to the Dart, Luas and commuter rail services at Connolly Station, Busáras bus station, numerous Dublin Bus routes and Dublin Bike stations.

Michele McGarry of Colliers’ capital markets division says: “The long-term secure income from a top-quality tenant should appeal to domestic and overseas buyers. This is a great opportunity to acquire a good-quality office investment in a well-managed, modern building.”