Two modern suburban offices in Sandyford, south Dublin, have come to market seeking in excess of €5.65 million for the two blocks. Currently yielding about 5.4 per cent, the offices offer an investment opportunity for a private or institutional investor or an option for an owner-occupier, who may wish to occupy part of the property.
Elm House and Oak House are detached units situated within Leopardstown Office Park, accessed off Burton Hall Road within the heart of Sandyford Business District.
The units form part of a managed business park which consists of four blocks, comprising own-door and multi-occupied offices. Elm and Oak Houses are the most recently constructed and are available as a single lot, extending to about 11,200sq ft and 10,700sq ft respectively. They are laid out over three storeys with dual access points allowing for maximum flexibility, while generous parking is also provided.
Current occupiers include AMT Sybex, Health Care Informed, Joseph G Byrne & Sons and Fitzwilliam Real Estate Capital. There are also three vacant suites, which are available for re-letting, ranging from 1,975sq ft to 3,720sq ft. Recent agreed lettings in the blocks range from €22-€24.50 per sq ft. The total current rental income from the units is €306,000 a year, with reversionary potential to about €550,000 following re-letting and completion of upcoming rent reviews.
Manus Agnew of selling agent Quinn Agnew said that the property offers good asset management opportunities, with flexible layouts to attract a wide variety of users for the vacant space. Upcoming rent reviews provide the opportunity to significantly increase the income from the properties.
“While the properties are suitable to private and institutional investors, they may also appeal to a potential owner-occupier who may wish to occupy part of the property and have the balance as an investment,” he said.