Temple House, a high-profile office building with impressive sea views, has come to the market in Blackrock, south Dublin, seeking €9.75 million. The property is likely to interest an investor in search of yield, or a developer seeking a refurbishment opportunity.
The landmark five-storey office building was built in the 1980s and sits on an island site occupied by two office buildings. It has entrances on to Frascati Road and Temple Road, with 65 designated under croft car parking spaces.
The offices, which extend to 2,759sq m on a net internal floor area basis, and 3,305sq m on a gross internal basis, are fully let to various occupiers including Irish Life and Sodexo.
With a current passing rent at € 920,080 a year, the asking price of €9.75 million will provide an initial yield of 8.58 per cent to an incoming purchaser.The weighted average unexpired lease term is 5.54 years, and including tenant break options is 2.93 years.
The property is likely to appeal to developer landlords seeking refurbishmentor change of use opportunities in the medium term with immediate income. Alternatively, Temple House may also be an attractive standing investment, with full rent from quality covenants and could be asset managed to grow rental income and modernise the existing structure.
RKD have carried out various feasibility studies on the site for extending the office building and also conversion to both hotel and apartments, subject to planning.
Patricia Ward, of selling agent TWM, says the property has stunning views of Dublin Bay, while the landlord has carried out various feasibility studies they will share with interested parties.
The south Dublin suburb has seen significant activity of late, with Zurich recently occupying about 6,500sq m in the nearby Enterprise House and a further 1,700sq m in the fully refurbished Trident House. Towards the end of last year Zurich’s former home at Frascati House came on the market seeking €11 million.
Moreover, the nearby Frascati Shopping Centre and Blackrock Shopping Centre have both been recently refurbished.