Nama-owned office blocks in Deansgrange on sale for €12.75m

About 80% of overall space currently rented by Baxter, Danone and Nutricia

 Interconnecting blocks in Deansgrange: office space rented by Baxter, Danone and Nutricia

Interconnecting blocks in Deansgrange: office space rented by Baxter, Danone and Nutricia

 

The variety of investment properties going for sale in Dublin continues to grow. The latest suburban office investment to hit the market, two interconnecting blocks at Deansgrange Business Park in Deansgrange, are expected to be of interest to both Irish and overseas investors when they are offered for sale on behalf of Nama.

Duncan Lyster, of Lisney, is seeking in the region of €12.75 million for the buildings, which are producing a rent roll of €1.075 million and will show a net initial return of 8 per cent. The price being sought for the investment reflects a capital valuation of only €1,952 per sq m (€182 per sq ft). The 2000 development was one of many carried out by a company headed by Paddy Kelly and John McCabe.

Retail use

About 80 per cent of the overall space is rented by three international companies: drugs firm Baxter, the medical nutrition firm Nutricia, and the Danone food company. There is a weighted-average unexpired lease term on the two blocks of more than three years.