Fully-let Dublin penthouse office suites seek €3.45m
Capel Building units occupied on new 10-year lease at a rent of €255,667 per annum
The Capel Building has a high-profile location at the corner of Mary’s Abbey and Capel Street.
Offers in excess of €3.45 million are being invited for the penthouse office suites in the Capel Building at Mary’s Abbey in Dublin city centre.
The sale of numbers 501-506 at the Capel Building presents the purchaser with the opportunity to secure an immediate return of 6.74 per cent after allowing for standard acquisition costs of 9.96 per cent. The incoming owner can immediately increase the rent roll by letting the vacant car-parking spaces.
The subject property is currently fully let to Storm Technology, a company acknowledged as one of Ireland’s leading experts in digital enterprise solutions, by way of a 10-year lease from February 2019, with a passing rent of €255,667 per annum. The lease provides for a fixed uplift to €284,075 in years six to 10. The tenant has the benefit of a break option at the end of year five (subject to six months’ notice). The two secure car-parking spaces are vacant but capable of achieving €5,600 per annum, according to Stephen Conway, who is handling the sale on behalf of Colliers.
The Capel Building itself is a third-generation, six-storey building comprising five storeys of office accommodation over ground-floor retail with basement-level car parking. The subject units are located on the fifth floor, the penthouse floor and extend to 636sq m (6,845sq ft).
The Capel Building is located at the corner of Mary’s Abbey and Capel Street, and within a short walk of Jervis Street, Mary Street and Henry Street. The area is one of Dublin city’s main retail districts and is home to a wide range of bars, cafes, restaurants and hotels. Mary’s Abbey also sits within close proximity to the Four Courts and the Law Library of Ireland.
The subject property is readily accessible by public transport. The Jervis Street stop for the Luas red line is located just 200m away while the Luas green Line and Dart are available at O’Connell Street and Connolly Station respectively. Numerous Dublin Bus routes serve the immediate area also.