Penthouse floor of modern Dublin 1 office block for €2.25m

Fully-let floor leased to British Study Centres is producing rent roll of €186,000

The penthouse floor of Ulysses House on Foley Street is for sale for €2.25m

The penthouse floor of Ulysses House on Foley Street is for sale for €2.25m

 

The fully-let penthouse floor in a modern office block close to Connolly station in Dublin 1 is guiding more than €2.25 million.

Bryan Garry of QRE Real Estate Advisers is handling the sale of the 610sq m (6,566sq ft) of space in Ulysses House on Foley Street.

Based on the guide price and the rent roll of €185,708 per annum, the net initial yield is about 7.6 per cent.

English language school British Study Centres occupies the penthouse floor
English language school British Study Centres occupies the penthouse floor

The penthouse floor, which has the rare benefit of educational use, is let on a new 10-year lease that is subject to open market reviews every five years.

English language school British Study Centres is the tenant and its rent breaks back to about €301 per sq m (€28 per sq ft). Top rents in the nearby IFSC are about €565 per sq m (€52.50 per sq ft) but €28 per sq ft is still a good rent at this secondary location.