OverseasInvestments: There are fresh opportunities to invest in commercial property overseas with the development of landmark office accommodation in Dubai.
Investment access to developments, including the Solus Tower in Dubai, is available to Irish investors through Larionovo, an overseas property investment specialist.
The Solus Tower is an extraordinary building and sits at an exclusive, waterside commercial address at the heart of Dubai's commercial centre.
The tower is a 22-storey development with 15,979sq m (172,000sq ft).
Office units ranging from 186-2,044sq m (2,000-22,000sq ft) are available, with a full floor offering 650sq m (7,000sq ft) of net leasable space.
The average price is €3,272 per sq m (€304 per sq ft) depending on exchange rates.
A typical 186sq m (2,000sq ft) unit would cost about €608,000 and a whole floor would cost about €2.12 million. The building is scheduled for completion by August 2008.
The Solus Tower is being developed by Al Baraka Islamic Bank. Finance is available via Amlak Finance.
The commercial units are available on a freehold basis in what is expected to become Dubai's premier business district and so will appeal to overseas investors. The office market there is particularly strong given rapid economic expansion and should deliver substantial returns, according to Larionovo.
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