Potential to boost income stream at Clonskeagh property

Trimleston House 1A and 1B is being offered to the market for €7.25m

Trimleston House is located about 15 minutes from Dublin’s city centre

Trimleston House is located about 15 minutes from Dublin’s city centre

 

With the return to the office slowly picking up, interest is growing from companies looking for well-connected locations supported by a high level of amenities.

Savills is marketing a property which might tick some of these boxes in Clonskeagh, Dublin 4.

Trimleston House 1A and 1B, an interconnecting three-storey office building at Beech Hill Office Campus, is being offered to the market for €7.25 million (about €222 per sq ft) in one or more lots.

Extending to about 3,037sq m (32,690sq ft), the property has been let to Start Mortgages until January 15th, 2026. Start Mortgages is currently closed to new business but remains involved in loan servicing.

Block 1A comprises about 1,825sq m (19,640sq ft) of office accommodation over three floors and comes with the benefit of 54 car parking spaces.With an existing rent roll of about €344,000 (€159 per sq m/€14.75 per sq ft) a year, Savills said the building is “ significantly under-rented” and thus presents a “unique opportunity to capture reversionary potential immediately with a rent review outstanding from January 2021”.

Block 1B provides about 1,212sq m (13,050sq ft) of flexible, vacant space suitable for multiple occupation which will benefit from some modest refurbishment work. Block 1B benefits from 35 car parking spaces along with a shared cycle storage facility in place for both blocks.

Following a potential refurbishment of Block B, and a settlement of the outstanding Start Mortgages rent review, Savills expects a net investment return in the region of 8.5 per cent after standard purchaser’s costs.

Darragh Doyle, of selling agent Savills, said the building presents an attractive offering, given it has a strong existing tenant, excellent asset management potential on the flexible vacant space and a reversionary income stream.

“We expect to see strong interest in this opportunity due to the current income profile from Block 1A offering an investor an immediate return whilst they undertake the upgrading works to the adjoining Block 1B,” he said.

Clonskeagh and the wider Dublin 4 area is close to an extensive range of amenities, as well as some major office occupiers including Paddy Power, Smurfit Kappa and Circle K Ireland.