Prospect of 17.2% gross yield should attract interest in south Dublin investment
Dún Laoghaire office building’s €675k guide price reflects capital value of just €108 psf
Ashgrove House is well-located off Kill Avenue, the main link road between the N11 and Dún Laoghaire.
Agent TWM is guiding a price of €675,000 for an office investment in south Dublin that it expects to be of interest to investors, owner occupiers and developers.
Ashgrove House, is located within a secure industrial estate accessed off Kill Avenue, the main link road between Dún Laoghaire and the N11. The property is close to IADT, Dún Laoghaire, a third-level college with more than 2,500 students.
The subject property comprises a three-storey office building currently being used as a serviced-office centre. The building extends to approximately 581sq m (6,255sq ft) with all floors functioning as office space, from lower-ground to first. There is surface parking for 15 cars to the front and side of the building and the ground floor currently offers communal rooms for the benefit of the licensees, such as a board room and reception.
At present the building is partially occupied by five licensees and produces a rental income of € 37,560 per annum. If the building were to be fully let on short-term licences this would create a rental income of approximately €126,000 per annum. The building may suit an investor seeking an attractive investment return or alternatively an owner occupier who could utilise the entire or obtain an income whilst part occupying.
Benjamin Haythornthwaite of TWM says: “Ashgrove House’s value is very much driven by its versatility and the variety of options it offers a potential purchaser. This will suit owner occupiers, certain developers, investors seeking a high yielding asset, as well as individuals keen to maximise their income through not only collecting rents but continuing the provision of office services which currently create substantial additional income.”
The guide price of €675,000 reflects a capital value of € 108 per sq ft, and a gross yield once fully occupied of 17.2 per cent (allowing for costs of 8.46 per cent).