Office investments in D6 and D2 hit the market

Office investments to be sold by private treaty

 

Agents BNP Paribas Real Estate are reporting a “steady stream of inquiries” regarding two well-located, high- quality Dublin office investments which are to be sold by private treaty.

A guide price of €3.8 million has been set for Trinity House, a former Methodist Church and Community Hall that has been redeveloped and interlinked into stunning new offices with a glass lift serving all floors at Charleston Road in Ranelagh, Dublin 6.

Trinity House has an overall floor area of 1,138 sq m (12,555 sq ft) and is occupied by accounting firm Baker Tilly Ryan Glennon at a rent of €286,000 per annum. The grounds include 29 car parking spaces. The offices are located almost equidistant from both Ranelagh and Rathmines. At a selling price of €3.8 million, the complex will show a net initial yield of 7.2 per cent.

BNP is also seeking a buyer for Grantham House, a landmark office and retail building with frontage on to Camden Street in Dublin 2, which is expected to sell for around €2.9 million.

The newly refurbished block has retail use on the ground floor and two overhead floors of offices including a new top floor, which was recently added. National Tile has a particularly attractive retail unit on the ground floor, while the office tenants include First Fostering Ireland and the Psychological Society of Ireland.

The current passing rent of €198,038 will give the purchaser a net initial return of 6.5 per cent after allowing for standard purchasers costs.