Office block on sale for €850,000 in Lucan’s Millbank Business Park

Two-storey building is generating a rent roll of €71,000 a year from two tenancies

A business park office block in Lucan is on the market for €850,000 – equating to a net initial yield of 8 per cent – through Colliers International.

Millbank House at Millbank Business Park is a standalone two-storey building which is generating a rent roll of €71,000 a year from two tenancies. It is in good condition and comes with a modern fitout, including air conditioning and a lift.

The building, which is about 300 metres from Lucan village, covers 758.6sq m (8,166sq ft) and has 16 designated car-parking spaces. It is close to the N4 and about 4km from junction four of the M50. There are a number of quality bus routes from Lucan to the city centre.

De-Jay Alarms Ltd leases the ground floor on a 10-year lease that has a start date coinciding with the completion of the sale. It will include a mutual break option at the end of year five; the rent on this floor is €41,000 a year.

The first floor is let to John P Burke and Co, trading as Jaguar Capital Group Ltd, on a five-year lease from October 2012 at a rent of €30,000 a year.

Stephen Conway of Colliers International says that an incoming purchaser "will have the option to substantially increase the rent roll on review/expiry" of the leases.