Over €12.7 million for Clonskeagh offices

Investments: There should be plenty of interest in a modern office investment in Clonskeagh, writes Jack Fagan

With good office investments still attracting premium prices, agent DTZ Sherry FitzGerald is bringing to the market a 15-year-old office block at Beech Hill Office Campus in Clonskeagh, Dublin 14.

Roisin McAuliffe of the agency is guiding over €12.7 million for the investment, reflecting an initial yield of 4.25 per cent.

Topaz House is let to Irish Shell Ltd on a 25-year lease which has another 10 years to run.

The current rent of €600,000 is due to be reviewed next September. The three-storey building has a floor area of 1,985sq m (21,366sq ft) and 68 car-parking spaces.

Irish Shell Ltd was bought out in 2005 by Topaz Energy Ltd which was recently ranked at number 40 on The Irish Times top 1,000 companies list with a reported turnover of €1.1 billion at year end 2005. Topaz is selling several filling stations in the greater Dublin area as part of a review of its network.

Beech Hill Office Campus is ideally located about 3kms from the city centre and close to several other office locations, including Clonskeagh Square where agent Finnegan Menton recently secured a record price at auction for an office investment.

A private investor advised by Harper O'Grady settled for a yield of 2.75 per cent when he paid €6.35 million - well above the €4.5 million guide price - for an office investment of 743sq m (8,000sq ft) which will have the Bank of Ireland as a tenant for at lease another 17 years. The present rent of €194,000 is due to be reviewed in November, 2008.