Modern office block beside Connolly Station for €2.5m

It is seldom enough these days that a modern office block comes on the market in Dublin city centre at a knockdown price. All the more reason why selling agents TWM is expecting good interest in Block B at the Steelworks complex on Foley Street, directly opposite Connolly Railway Station.

Sean O’Neill of the selling agents is quoting €2.5 million for the five-storey over basement building extending to 2,139sq m (23,000sq ft) which is to be sold on behalf of a small syndicate which bought it from Macushla Developments just before the property crash. The building, now available at €108.69 per sq ft – less than half its replacement cost – is understood to have cost between €4 million and €5 million to develop.

The block is partially fitted out and has reception areas on each floor to allow it to be leased on a floor-by-floor basis or in its entirety to a single occupier. There are 10 car-parking spaces at basement level.

The agents say the building will be of interest to owner-occupiers and investors, including companies that may wish to put it to alternative uses such as converting it into apartments or budget accommodation for students. A purchaser will also have the opportunity to benefit from zero capital gains tax should a sale be completed before the end of the year and held for seven years.