Offers in excess of €6 million are being invited for a landmark property on Dublin’s Naas Road, set within the newly announced City Edge development area.
BNP Paribas Real Estate is handling the sale of Otter House, situated on the south side of the N7 Naas Road, just 300m from the intersection with the M50 Motorway and 8km from the city centre.
The property is set to offer exciting redevelopment potential in the future, but in the short term provides investors with a stable investment return.
It comprises a modern four-storey office building in use as showrooms and offices, together with a modern warehouse unit situated to the rear.
The warehouse interconnects with the ground floor showroom area of the building, giving a combined area of 2,978.7sq m (32,062sq ft). The warehouse has a floor to eaves height of 7.4m and vehicular access is via an electrically operated roller shutter door measuring approximately 3.6m in width.
Otter House is fully let and producing rent of €512,548 a year. Modern Plant, which has been in occupation for 45 years, occupies the entire showroom, mezzanine office and warehouse on ground floor on a new five-year lease from October 1st. The passing rent is €281,368 a year.
The upper floor offices are let to Entain trading as Ladbrokes, Campion Insurances and FKM Engineering, with a combined passing rent of €231,180 a year.
The property has frontage on to the Naas Road of about 51m and about 16m to Robinhood Road at the rear and the site is unusual in having dual access.
The combined warehouse and office building extends to 4,372.2sq m (47,062sq ft) on a triangular shaped site extending to approximately 1.27 hectare (3.15 acres), of which the existing buildings only occupy about 23 per cent.
Neighbouring occupiers include the Red Cow Moran Hotel, which recently underwent a €20 million refurbishment, John Sisk & Sons, Irish Distillers and DHL.
The site is well serviced by public and private transport and sits facing the Luas Red line at Naas Road.
The property is located in an area which is part of Dublin City Council and South Dublin Council’s City Edge project, one of the largest proposed urban regeneration projects in Europe, extending to about 700 hectares of land around the Naas Road, Ballymount and Park West areas.