Holles Street office building has potential to deliver rental growth

Agent Lisney is seeking about €3.2 million for a modern office investment at 22-23 Holles Street, Dublin 2, which will provide an immediate yield of 6 per cent. The lease has another 14½ years to run.

The recently refurbished, four-storey over-basement building was developed in 1992, close to the National Maternity Hospital on Holles Street, and was let to accountants Baker Tilly Hughes Blake on a 25-year lease from 2006. The mainly open-plan layout extends to 427sq m (4,605sq ft) and is let at a rent of €200,000 per annum, with five-yearly upwards-only rent reviews.

According to Lisney, with the rent equating to less than €40 per square foot, there is obvious scope for rental growth in the future.

Holles Street is located in Dublin’s central business district, between the Georgian office core and the quickly-changing docklands.