Office block at heart of Dublin’s legal quarter guiding at €775,000
Fully-let property at Usher’s Court promises attractive net initial yield of 8.3 per cent
An aerial view of Usher’s Court with Block C and its parking outlined in red and green respectively.
Agent Knight Frank is guiding a price of €775,000 (exclusive) for a self-contained office building at Usher’s Quay in Dublin city centre.
Block C, Usher’s Court, offers the potential investor an attractive net initial return of about 8.3 per cent after standard acquisition costs of 4.46 per cent.
The subject property briefly comprises a three-storey 1980s office block extending to 2,923sq ft ( 271.55sq m) and benefits from two car-parking spaces.
Block C is well located within Dublin’s legal quarter and is in close proximity to the Four Courts, the Children’s Court, the Family Law Courts and the Criminal Courts of Justice. Usher’s Quay and its surrounding environs are well established as the location of choice for the legal profession, with numerous solicitors and barristers establishing their respective offices and chambers in the area.
The subject property is fully let to KOD Lyons Solicitors on a 15-year, full repairing and insuring lease from January 20th, 2017, at €70,000 per annum exclusive. The passing rent equates to about €22.50 per square foot for the office accommodation, €15 per square foot for the storage area and €2,500 per car space. There is a tenant break option exercisable at the end of the fifth year of the term subject to six months’ prior written notice. KOD Lyons have, however, occupied the premises since 2004, and as such are well established at this location.
With full planning permission for 27 apartments on the corner of Usher Street and Usher’s Quay (also currently on the market through Knight Frank) Block C, Usher’s Court may well have longer-term development potential subject to planning permission and further site amalgamation.
Usher’s Court is highly accessible by public transport. There is a Luas red line stop 350m north of the property. This runs between Saggart and Dublin’s north docklands and links with Heuston Station, Connolly Station and the Luas cross-city line. Dublin bus routes run from directly outside Usher’s Court.