Commercial Property

Fully rented office block in Clonskeagh for sale at more than €1.5m

Two-storey block is let to an engineering firm on a 35-year lease from January 1995

No 2B Richview Office Park extends to 314sq m, and was built in the mid-1990s

Justin Comiskey
Tue May 22 2018 - 17:00

A fully-rented office investment in Clonskeagh with more than 11 years left on the tenant's lease is on the market for more than €1.5 million through agent Cushman & Wakefield.

No 2B Richview Office Park is a two-storey, semi-detached office block extending to 314sq m (3,382sq ft) that was built in the mid-1990s.

It is let to engineering firm Malone O’Regan on a 35-year lease from January 1995, with five-yearly upwards-only rent reviews. The rent roll of €101,600 breaks back at €324 per sq m (€30 per sq ft) inclusive of 12 car-parking spaces.

Malone O’Regan was set up in 1978, and provides a range of engineering and environmental management and consultancy services . Its Dun & Bradstreet rating of 2A2, with net assets of €2.91 million for the year ended December 2016, indicates a strong financial covenant.

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Given the guide price and allowing for standard purchaser’s costs of 8.46 per cent, the investment offers a net initial yield of about 6.24 per cent – or a capital value of €4,777 per sq m (€444 per sq ft).

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