Sandyford investment sells over guide for €2m

An income producing three-storey detached office building with an ancillary warehouse at 51 Bracken Road in Sandyford, Co Dublin, has been sold for €2 million – €250,000 above the guide price.

The new owner will get a return of 8.1 per cent.

Ross Fogarty of Knight Frank handled the sale of the 1,544sq m (16,619sq ft) building which stands on a site of half an acre. The property benefits from its ancillary warehouse storage via a standard grade electric loading door.

The tenants considerably upgraded the building to incorporate air conditioning, suspended ceilings and category two lighting.

The building is let to G4S Secure Solutions (Ire) on a 35-year lease from 1988 with eight years of secure income guaranteed.

The tenants have 3,400 employees in Ireland

The annual rent roll of €170,000 equates to an average rent of €80 per sq m (€7.50 per sq ft) when €1,000 is applied to each of the 46 car parking spaces.

With third generation offices in Sandyford currently renting for up to €269 per sq m (€25 per sq ft) the new owners can bank on a secure income with significant potential for rental growth.