A refurbished office investment in Rathmines is on the market at €3.3 million through new agent Acres (which stands for All Commercial Real Estate Services).
La Touche House on Grove Road in Dublin 6 has four floors of office space spread over 741sq m (7,981sq ft) and is producing a rent roll of €207,500 that will rise up to €239,400 in year five of the lease which began in January this year.
The tenant, EC English, runs a language school in the building which formerly served as the headquarters of Liam Carroll's Zoe Developments.
Its rent works out at €279 per sq m (€26 per sq ft), rising to €323 per sq m (€30 per sq ft) over the initial five years. The 15-year lease provides for break options in years six and 12. EC English opened its first language school in Malta in 1991 and today has similar operations in six countries across three continents.
The building has perimeter trunking, Cat 6 data cabling and cassette air conditioning. It was completely overhauled prior to the lessee taking occupation in January this year.